Petron Announces Huge Rollback On Diesel, Gasoline, Kerosene
PETRON – The oil company Petron announced that they will implement a big-time oil price rollback on March 17.
One of the leading fuel markets in the Philippine is Petron Corporation. The company supply nearly 40% of the country’s total fuel requirements. The Big 3 oil companies in the country are Petron, Chevron, and Shell.
Filipino motorists are keeping tabs on these oil companies waiting for them to roll back the prices of their fuels. On Friday, Phoenix Petroleum Philippines announced that they have lowered the prices of their diesel and gasoline products. They cut the prices of gasoline by P3/liter and diesel by P3/liter.
Based on a report from GMA News, fuel prices are currently going down big time amid the novel coronavirus pandemic. The government officials encourage the people to avoid the crowds and stay at home amid virus scare.
This coming Tuesday, March 17, Petron said it would reduce the prices of their diesel, kerosene, and gasoline. “These reflect movements in the international oil market,” it said.
Gasoline: P4.00 per liter
Diesel: P4.00 per liter
Kerosene: P4.50 per liter
According to the report, the huge rollback came as the tension escalated between Saudi Arabia and Russia. Russia refused to cut oil production, in response, Saudi Arabia made the biggest cuts to oil production.
The oil-price war results in more supplies against the decreasing demand for oil as travels are restricted amid coronavirus fear. The oil prices decreased further after United States President Donald Trump announced that the country now restricts travel from Europe.
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