MANILA, Philippines – Oil companies are drastically slashing prices as global demand for the commodity has weakened.

In separate advisories, Petron, Petro Gazz, Clean Fuel, Chevron, Phoenix Petroleum, and Shell said they would cut P1.40 per liter for gasoline and P1.60 per liter for diesel.

Companies carrying kerosene will implement a reduction of P1.65 per liter.

Most companies will impose the new rates on Tuesday, March 3. Phoenix Petroleum already reduced prices last Saturday, February 29, while Clean Fuel made adjustments on Sunday, March 1.

The big-time rollback comes as global demand for oil has slumped amid the novel coronavirus outbreak.

China, the world’s largest importer of oil, has seen plunging demand as industries were forced to shut down. (READ: Novel coronavirus causing 1st drop in oil use in decade – IEA)

As of February 25, year-to date adjustments stand at a net decrease of P2.50 per liter for gasoline, P4.40 per liter for diesel, and P5.59 per liter for kerosene. – Rappler.com