FOR the fourth consecutive week, petroleum companies are implementing a price rollback on local pump prices.
Diesel price will be reduced by P0.25 per liter and gasoline price will go down by P0.40 per liter.
Phoenix Petroleum, the first to announce the price rollback last Sunday night, said it would implement the price cut at 6 a.m. on Tuesday.
Other oil firms are expected to follow suit.
The move reflects the easing of oil prices in the global petroleum market.
The Department of Energy (DOE) said international oil trading promoted movements in the domestic prices of gasoline, diesel and kerosene.
On June 20 gasoline prices went down by P0.70 per liter, kerosene by P0.15 per liter and diesel by P0.10 per liter.
A week before that, another price cut took effect. Gasoline prices decreased by P0.80 per liter, kerosene by P1.20 per liter and diesel by P0.95 per liter.
On June 6 the price of diesel went down by P0.90 per liter, gasoline by P0.55 per liter and kerosene by P0.90 per liter.
In the last four weeks, the total price rollback for gasoline amounted to P2.45 per liter and diesel by P2.2 per liter.
Resulting price adjustments concerning petroleum products are implemented every Tuesday of the week.
Meanwhile, the DOE encourages the public to be vigilant in their rights as consumers and immediately report to the DOE Consumer Welfare Office any violation of the law, rules and regulations by petroleum-product suppliers.