More oil companies are expected to cut pump prices today, Tuesday by as much as P1.30 per liter to reflect the movement of oil prices last week.
READ: Oil price rollback: P1.10/liter
Petron Corp., Pilipinas Shell Petroleum Corp., and PTT Philippines announced separate price cuts of P1.10 per liter for diesel, P0.50 per liter for gasoline and P1.30 per liter for kerosene.
“Petron will implement the following price rollbacks effective 6 a.m. Aug. 13: P0.50 per liter for gasoline; P1.10 per liter for diesel; and P1.30 per liter for kerosene. These reflect movements in the international oil market,” Petron, the country’s biggest oil company said.
Chevron Philippines, which markets the Caltex brand, also announced over the weekend that it will implement the same level of price rollback effective 12:01 a.m. Aug. 13.
PetroGazz and Flying V also announced they will also implement their own price cut effective 6 a.m. Tuesday of P1.10 per liter for diesel andP0.50 per liter for diesel.
Phoenix Petroleum Philippines was first to implement the latest round of rollbacks, cutting prices at 2 p.m. Saturday.
Seaoil Philippines announced a rollback of P1.10 per liter for diesel, P0.50 per liter for gasoline and P1.30 per liter for kerosene at 6 a.m. Sunday.
World oil prices fell last week due to expectations of s softening of demand due to the ongoing US-China trade war.
The International Energy Agency reported last week that it expects oil demand to reach 1.1 million barrels per day this year, lower by 100,000 barrels per day than the forecast.
Last week, however, the oil firms did not move domestic oil prices.
The last oil price movement was on July 30, when the oil firms cut the price of gasoline by P0.95 per liter but raised the price of diesel by P0.15 per liter and P0.10 per liter.
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