Hefty fuel price rollback set this week as global oil prices drop over coronavirus fears

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Metro Manila (CNN Philippines, March 1) — Pump prices will fall by nearly ₱2 a liter this week as the price of crude oil on the global market dropped sharply due to weaker demand brought about by the outbreak of the coronavirus disease or COVID-19.

Shell, Petro Gazz and Seaoil have announced that they will bring down the price of gasoline by ₱1.40 per liter beginning Tuesday at 6 a.m., while they will drop the price of diesel by ₱1.60 per liter.

Shell and Seaoil will cut kerosene’s pump price by ₱1.65 per liter on the same day.

Cleanfuel earlier announced that it will slash the price of diesel and gasoline by ₱1.60 per liter and ₱1.40 per liter, respectively, beginning Sunday at 4:01 p.m.

Depressed factory activity in China, where the viral outbreak was first reported, has weighed down on oil prices, plunging Brent crude oil to below $50 a barrel.

US oil plunged 4.9 percent on Friday to $44.76 a barrel. Crude hasn't closed below $46 since December 2018. The commodity is on track to its sharpest weekly decline since 2011.

CNN Philippines Multi-platform Writer Xave Gregorio contributed to this report.