Oil companies to implement big-time oil price rollback in March

Aileen Cerrudo   •   February 28, 2020   •   1314

Oil companies are expected to implement oil price reductions in March due to the low oil demand in the world market.

The current coronavirus disease (COVID-19) threat has affected crude oil demand globally after several countries implemented travel bans to prevent the spread of the disease.

Based on the advisory of oil industry players, diesel prices will drop from P1.50 to P1.80 per liter. Meanwhile, gasoline prices will drop from P1.20 to P1.50/liter.

According to the Department of Energy (DOE), the low demand prompted the members of the OPEC (Organization of the Petroleum Exporting Countries) to cut one million barrels per day in the supply.

However, Oil Industry Management Bureau (OIMB-DOE) Asst. Director Rhodela Romero said this might cause an oil price hike.

“Bumabalanse naman po ang pagbawas ng suplay (There is a balance in the supply cut),” she said.

READ: LPG rollback seen in March

Meanwhile, the Liquefied Petroleum Gas Marketers Association (LPGMA) might also implement a price rollback from P2-P4/kilogram on their LPG beginning March.—AAC (with reports from Joan Nano)

Oil price rollback set for April 7

Robie de Guzman   •   April 6, 2020

MANILA, Philippines – Oil companies have announced another price rollback on petroleum products this week to reflect the movement in the international oil market.

In separate advisories, Pilipinas Shell Corporation, Chevron Philippines Inc. (Caltex), and SEAOIL Philippines Inc. said they would slash prices for their gasoline, diesel and kerosene products by P0.35 per liter and P0.70 per liter and P0.75 per liter respectively.

Phoenix Petroleum Philippines and Petro Gaxx will also implement the same price cut except for kerosene which they do not carry.

The oil price rollback will take effect on Tuesday, April 7.

This is the fifth consecutive week that oil firms implemented price cuts.

Big time oil price cut set for March 24

Robie de Guzman   •   March 23, 2020

MANILA, Philippines – Oil companies on Monday announced another round of fuel price rollback to reflect the adjustments in the international oil market.

In separate advisories, Petron Corporation, Chevron Philippines Inc. (Caltex), and Flying V said they will slash the prices of gasoline and kerosene by P3.50 per liter, and diesel by P2.00.

PTT Philippines and Seaoil also announced the implementation of the same amount of price rollbacks.

The fuel price decrease will take effect on March 24, Tuesday.

This is the second week that oil firms implemented hefty price cuts.

The drop in local pump prices was triggered by the decline of prices in the world market.

Big-time oil price rollback set next week

Robie de Guzman   •   March 15, 2020

MANILA, Philippines – Oil firms are set to implement a hefty rollback in the prices of their fuel products next week to reflect the adjustments in the international market.

In separate advisories, Petron Corporation and Flying V announced they will cut the prices of their diesel and gasoline by P4 per liter and P4.50 a liter for kerosene.

Shell Petroleum Corporation, on the other hand, said it will slash its diesel and gasoline prices by P4.25 a liter, and kerosene by P4.35.

Cleanfuel also announced the same fuel price adjustment except for kerosene.

The fuel price decrease will take effect on March 17, Tuesday.

The drop in local pump prices was triggered by the decline of prices in the world market.

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