The country’s oil companies have reduced pump prices by as much as P3.10 per liter effective 6 a.m. today to reflect the movement of prices in the world oil market.
The oil firms cut the price of diesel by P3.10 per liter, P2.10 for kerosene, and P0.40 for gasoline.
“Petron will implement the following price rollbacks: P0.40/liter for gasoline; P3.10 for diesel and P2.10 for kerosene. These reflect movements in the international oil market,” Petron Corp. said in its advisory.
Phoenix Petroleum Philippines, Chevron Philippines, Inc., PTT Philippines, Cleanfuel, PetroGazz, Flying V, and Seaoil Philippines were expected to follow suit.
World oil prices declined last week due to forecasts of lower demand amid the ongoing COVID-19 lockdown in China and fears of a recession in the US.
The latest oil price rollback was a reversal of the oil price hike implemented on May 10 where the oil firms increased the price of gasoline and diesel by P4.20 per liter and kerosene by P5.85 per liter.
These resulted in the year-to-date adjustments to stand at a net increase of P22 per liter for gasoline, P34.50 per liter for diesel, and P29.75 per liter for kerosene, according to data from the Department of Energy (DOE).