MANILA, Philippines — Oil companies are reducing pump prices again this week.
Gasoline prices would be decreased by P0.55 per liter, diesel by P0.60 per liter, and kerosene by P1.15 per liter.
In separate advisories, Flying V, Petro Gazz, Phoenix Petroleum Philippines Inc., Pilipinas Shell Petroleum Corp., PTT Philippines Inc. and Seaoil Philippines said their price adjustments would take effect at 6 a.m. today.
Cleanfuel, on the other hand, said it would implement the same reduction on gasoline and diesel starting 8:01 a.m.
In the past trading week, oil prices shed more than 10 percent on Tuesday as the production cut of major oil producers did not erase worries over a drop in demand due to the coronavirus disease 2019 pandemic.
Global oil prices also sank after the International Energy Agency (IEA) forecast April crude demand could drop by 29 million barrels per day – a level not seen in 25 years, Reuters reported.
Prior to this week’s price reduction, year-to-date adjustments stand at a net decrease of P14.52 per liter for gasoline, P13.94 per liter for diesel, and P19.15 per liter for kerosene.