MANILA, Philippines – Oil companies announced on Sunday, March 15, their largest reduction in pump prices this year, so far, as the world economy continues to slow down due to the novel coronavirus and Saudi Arabia wages a price war.

In separate advisories, Shell, Petro Gazz, Caltex, Phoenix Petroleum, and Petron said they will be slashing gasoline and diesel prices by P4.25 per liter.

Companies carrying kerosene will reduce prices by P4.34 per liter.

The new rates will be implemented on Tuesday, March 17, except for Phoenix Petroleum, which already adjusted rates on Sunday.

Cleanfuel reduced gasoline and diesel prices by P4 on Sunday. (READ: 

As of March 7, year-to-date adjustments stand at a net decrease of P5.10 per liter for gasoline, P6.75 per liter for diesel, and P8.30 per liter for kerosene.

The Department of Energy (DOE) said there is enough oil supply for Metro Manila during the 30-day community quarantine.

As of February 29, there is an estimated 2.7 billion liters of crude and oil products available, translating to about 45 days of fuel supply, according to the DOE.

Saudi Arabia had launched a price war after Russia rejected the proposal of the Organization of the Petroleum Exporting Countries (OPEC) to cut oil production. OPEC had recommended slashing supply to counter the plunge in demand which was triggered by the coronavirus outbreak. – Rappler.com