• Oil companies big and small lowered the prices of the various petroleum products yesterday, March 17. At the very least, the oil companies are cutting gasoline prices per liter by a whopping PHP 4.00.

Instead of medical and sanitation supplies, maybe hoarders should focus their collection efforts on gasoline instead. Seaoil was first to announce a rollback on the morning of Sunday March 15. Chevron Philippines, Pilipinas Shell, PTT Philippines and Total Philippines followed suit on Monday morning, March 16. The rest of the oil companies implemented their rollback on Tuesday. Below is a list of the price drop that consumers can expect from the following oil companies:

Petron Corporation

• Php4.00 per liter – gasoline
• Php4.00 per liter – diesel
• Php4.50 per liter – kerosene

Pilipinas Shell

• Php4.25 per liter – gasoline
• Php4.25 per liter – diesel
• Php4.35 per liter – kerosene

Phoenix Petroleum

• Php4.25 per liter – gasoline
• Php4.25 per liter – diesel
• Php4.25 per liter – kerosene

Unioil

• Php4.00 per liter – gasoline
• Php4.00 per liter – diesel

Flying V

• Php4.00 per liter – gasoline
• Php4.00 per liter – biodiesel
• Php4.50 per liter – kerosene

The main reason for the massive rollback on petroleum product prices is the lower demand for oil in the international market, as global travel has been hampered by measures to curb the spread of the coronavirus disease. Many countries have implemented travel bans on land, air and sea transport systems, including the Philippines. Over the past two months, diesel prices at the pump dropped seven times, while the value of gasoline has seen reduction six times. Since January, gasoline prices have gone down a cumulative total of PHP 8.40 per liter, while diesel prices dropped a total of PHP 9.50 per.

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Oil Companies to Impose 2nd Big-Time Price Cut for March