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‘Big-time’ oil price rollback this week

March 21, 2022 People's Tonight 443 views

MAJOR and independent oil companies on Monday announced a uniform “big-time” reduction in the prices of their petroleum products, the first this year, which will take effect on Tuesday.

Chevron Philippines, one of the “Big Three” oil firms, said it would implement a reduction of the price of diesel products by P11.45 per liter, gasoline by P5.45 per liter, and kerosene by P8.55 per liter effective at 12:01 a.m. Tuesday while Pilipinas Shell and Petron Corporation, along with small oil firm Seaoil Philippines, will also impose the same price adjustments at 6:00 a.m.

Independent oil companies PTT Philippines, Total Philippines, Phoenix Petroleum, Petro Gazz, Eastern Petroleum, Unioil, and Jetti Oil in their separate advisories imposed the same price adjustments on their diesel and gasoline products at 6:00 a.m. while Clean Fuel at 8:01 a.m.

Energy sources said the price cut on petroleum products was attributed to lower demand for oil in the world market particularly China, due to the surge of COVID-19 cases and Russia’s willingness to sit down with Ukraine and the US for possible peace talk after Ukraine decided to let out its plan to be a member of the North Atlantic Treaty Organization (NATO).