At least two oil companies on Monday opened the week by implementing an across-the-board price cut at the pumps.
In their respective advisories, Pilipinas Shell and Petron Philippines announced that they would slash their prices for kerosene by P .70 per liter, diesel by P.65 per liter and gasoline products by P.30 per liter.
According to Petron, the latest price decrease “reflect movements in the international oil and biofuels markets.”
Meanwhile, Eastern Petroleum in a statement said the price of its diesel products will be slashed by P0.70 per liter while gasoline price will be cut by P0.35 per liter.
On the other hand, the price of gasoline of PTT Philippines and Seaoil Philippines will be reduced by P0.30 per liter.
The price of diesel of the two companies will also be cut by P0.65 per liter.
The adjustments would take effect Tuesday, shortly after midnight.
Data from the Department of Energy showed that as of March 4, average price for diesel was at P45 per liter while gasoline was pegged at P53.60 per liter.
The price rollback will be implemented in line with the price movements in the international market.