Oil Firms Cut Diesel, Kerosene Prices Today as Demand Lowers due to Rising COVID-19 Cases

Prices of diesel and kerosene are set to drop effective today, March 23, as oil firms implement an announced rollback on oil prices.

Diesel prices from different oil firms such as Caltex, Cleanfuel, Petro Gazz, Seaoil, Shell, and Unioil are set to drop by PHP0.35 per liter, according to individual advisories from the oil firms.

In addition, Caltex, Seaoil, and Shell are set to drop the price of their kerosene by PHP0.45 per liter.

The price drop of different gasoline products in the Philippines this week is due to lower demand for oil globally as concerns for rapidly rising coronavirus disease 2019 (COVID-19) cases around the globe grow, prompting a new series of lockdowns in different countries around the world.

The World Health Organization recently said that a general spike in COVID-19 cases in seen in countries that are in the process of procuring vaccines, or are already implementing their vaccination program in a phenomenon they call “vaccine optimism.”

No other announcements on oil price hikes or rollbacks are seen to happen this week around the country. (GFB)