In separate advisories on Monday, nine oil companies–Petron, Pilipinas Shell, Phoenix Petroleum, Eastern Petroleum, Seaoil, Unioil, PTT Philippines, Flying V and Jetti– announced that they will roll back diesel prices by P0.25 per liter, effective March 27 and March 28, Tuesday.
Petron, Pilipinas Shell, Petron and Flying V will also lower kerosene prices by P0.15 per liter.
Petron, Eastern Petroleum, Seaoil and Flying V will implement the price adjustments at 12 midnight of Monday.
Pilipinas Shell, PTT Philippines, Phoenix Petroluem, Unioil and Jetti will effect the price changes at 6 a.m., Tuesday.
There is oversupply of petroleum because of low demand in the international market, according to Melot Obillo, Department of Energy director for Oil Industry Management Bureau.