Big-Time Oil Price Rollback Set This Week

Big-time price rollback for petroleum products has kicked off the first week of March.

Starting Tuesday, oil firms will cut diesel prices by PHP1.60 per liter, kerosene by PHP1.65 per liter, and gasoline by PHP1.40 per liter.

Prices of liquefied petroleum gas (LPG) also declined this month.

On Monday, Petron Corporation and Phoenix LPG Phils. Inc. slashed LPG prices by PHP3.90 per kilogram.

According to OilPrice.com, the coronavirus disease 2019 (Covid-19) continues to drag world crude oil prices.

It said Brent crude prices dipped below USD50 per barrel last Friday.

To curb the falling oil prices globally, Saudi Arabia pushes other Organization of the Petroleum Exporting Countries (OPEC) members to further cut oil production to one million barrels a day from the 600,000 barrels per day reduction that the OPEC Joint Technical Committee recommended few weeks ago. (PNA)