OIL companies on Monday announced a rollback in pump prices after last week’s minimal increase.
In separate announcements, big players Pilipinas Shell Corp., Petron Corp. and Chevron (Caltex), as well as independent companies PTT Phils., Eastern Petroleum and Seaoil reduced fuel prices effective 12:01a.m. Tuesday, while Phoenix Petroleum Philippines slashed prices effective 6 a.m.
The oil firms reduced gasoline prices by P1 per liter and diesel by 35 per liter.
Except for PTT Philippines, Eastern Petroleum and Phoenix Petroleum, the oil firms also reduced kerosene prices by 15 centavos per liter.
The price rollback, the first time in November, reflects the decline in the prices of refined petroleum products in the world market.
Last week, oil firms increased diesel prices by 25 centavos per liter and 20 centavos per liter for gasoline.