Oil companies announced a price rollback in petroleum products this week by over P1 per liter.
In separate announcements, they said will reduce prices of gasoline by P1.60 per liter, diesel by P1.85 per liter, and kerosene by P1.40 per liter.
Seaoil, PTT, Phoenix, Shell, Petron, Caltex, Jetti, Unioil said they will adjust their pump prices effective 6 a.m. of Tuesday, December 12. Cleanfuel, meanwhile, will implement the new prices at 12:01 a.m.
Oil firms adjust their prices every week to reflect movements in the world oil market.
The Department of Energy (DOE) said local petroleum products might continue to go down barring unforeseen geopolitical issues that could affect world oil prices.
Last week, oil companies implemented an increase in gasoline and kerosene by P0.30 and P0.20 per liter, respectively. On the opposite, the price of diesel has decreased by P0.30 per liter.
These price adjustments resulted in a year-to-date net increase of P12.60/liter for gasoline, P5.70/liter for diesel and P1.94/liter for kerosene.