Phoenix Petroleum took the lead when it reduced prices of gasoline and diesel by P3 per liter each on Friday. In its advisory, Petron announces prices of gasoline and diesel will drop by P4 per liter each and kerosene by P4.50 per liter effective on Tuesday at 6 a.m.Other industry players are expected to follow suit. On Friday, global crude prices inched up after the United States and other countries hinted at providing support to weakening economies. A report by Reuters said Brent crude LCOc1 climbed 63 cents to settle at $33.85 per barrel while the West Texas Intermediate (WTI) crude CLc1 futures gained 23 cents to close at $31.73 a barrel. Last week, local oil firms cut the price of gasoline by P1.20 per liter, diesel by 75 centavos per liter and kerosene by P1.05 per liter.

Source: Manila Times March 14, 2020 16:03 UTC