Another round of hefty rollbacks in pump prices this week

Based on the preliminary calculation of the oil companies, the price of diesel will likely be reduced by P2.00 to P2.50 per liter, while gasoline prices would potentially go down by P3.00 to P4.50 per liter.

The price of Dubai crude, which is the benchmark for the Asian oil refiners, had skidded to US$27 per barrel as of March 19 trading, which is US$4.0 to US$5.0 per barrel lower than last week’s prices. Nevertheless, it was clearly stated in a Department of Energy announcement that despite the price freeze, rollbacks shall be implemented.

The oil markets would be among those seen extremely battered as the world continues to grapple with the uncertainties brought by the relentlessly spreading coronavirus which has stalled economic and human activities across continents. Crude slumped to 18-year lows Wednesday, with travel restrictions and other measures aimed at combating the virus hitting demand and major producers Saudi Arabia and Russia locked in a price war by ramping up production.

”The Trump administration is now showing signs they will try to defend the shale industry and stabilize oil prices.”

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