Oil firms implement huge price rollback

MANILA, Philippines — Local oil firms slashed pump prices by the biggest amount so far this year as the novel coronavirus spread ever wider across the world, wreaking havoc on international travel especially tourism.

Pilipinas Shell, Seaoil Philippines, Total Philippines, PTT Philippines cut prices of diesel by P2 per liter and those of gasoline by P1.60 per liter, effective 6 a.m. of Tuesday.

This was the fourth straight week of price decline for diesel, totaling P4.30 per liter. Gasoline prices have fallen for three weeks in a row for a total of P2.75 per liter.

Shell and Seaoil also reduced prices of kerosene by P1.65 per liter. Kerosene prices have fallen for the fourth week in a row, totaling P4.70 per liter.—Ronnel W. Domingo