Local pump prices are going down this week.
Oil firms announced Monday a hefty price cut in gasoline, diesel and kerosene starting Tuesday.
Gasoline prices will be slashed by P2.1 per liter and diesel by P3 per liter. Kerosene prices will also go down by P2.3 per liter.
Seaoil, PTT, Phoenix, Caltex, Total, Shell, Petron will implement the price rollback at 6 a.m. today, Tuesday. Cleanfuel, meanwhile, will adjust its prices at 12:01 a.m.
Last week, gasoline prices increased by P1.3 per liter, diesel by P1 per liter and kerosene by P1.35 per liter. These resulted to a total net increase this year to stand at P7.20/liter for gasoline, P3.05/liter for diesel, and P4.45/liter for kerosene.
Gasoline and diesel prices have increased four times since the start of the year.