MANILA, Philippines — Local oil companies implemented the biggest price cuts at the pump so far this year as governments across the globe imposed restrictions and renewed spikes of COVID-19 infection dragged down crude oil markets.
Prices of diesel fell by P1.30 per liter while prices of gasoline dropped by P1.20 per liter. Caltex went first at 12:01 a.m. Tuesday followed by Petron, Shell, Seaoil, Total, Phoenix and PTT at 6 a.m. Cleanfuel also cut prices at 8:10 a.m.
Caltex also reduced prices of kerosene by P1.35 per liter while Petron, Shell and Seaoil did so at P1.40 per liter.
Brent crude was pegged at $64.30 as of press time, down from $64.52 on March 22. Dubai crude was at $64.05 per barrel as of March 25, up from $63.90 per barrel a week earlier.