Major Philippine oil firms have announced that prices of their fuel products are set to significantly drop on Tuesday, Mar 10, 2019. According to Pilipinas Shell, the price of its gasoline-based products will decrease by P1.20 per liter.
Other oil firms are expected to implement similar price adjustments as well. These adjustments will be made effective on Mar 10, 2020 at 6 AM.
This price reduction comes at the heels of another reduction of P1.40 per liter for gasoline-based products just last week.
The price reduction is in response to a reduction in global oil prices due to rising supply in the market over fears of slowing demand due to COVID-19.