Fuel prices go down for 4th time in March

MANILA: Petron and Shell led a list of oil firms that reduced their prices for fuel, diesel by P0.50 per liter and gasoline by a considerable P2.00 per liter. The price of kerosene also went down by as much at P1.95 per liter.

This is in response to reduced global demand for crude oil after affected countries restricted movement of its citizens to reduce the spread Covid-19.

Consumption of oil around the world has gone down by 12 million barrels per day in the first quarter of 2020 representing a 12% drop, the sharpest drop ever recorded.

This is exacerbated by the fact that Saudi Arabia and Russia are now dumping their excess oil, further driving prices down.

Prices of fuel have now gone down four times in March 2020. The first was in March 3, followed by another drop in prices between March 14 and 17. The third rollback happened March 24 and we closed out the month with another price cut on the 31^st.

World oil prices have now gone down for five straight weeks and have never been this low since 2002.

Also read: Fuel prices slashed significantly