A big cut in the prices of fuel could take place this weekend, according to industry insiders.
One source told The Manila Times that an average of P2 per liter rollback in pump prices is likely because of the continued slide of crude prices in the world market.
The price of diesel may be slashed by around P2 per liter, the source said in a text message. For gasoline, the rollback may be between P2.25 and P2.40 liter.
The information was confirmed by another industry player who also refused to be identified.
Oil companies said they were waiting for the result of the final trading on Saturday.
If the price cut pushes through, it will be second time this month that prices of petroleum products were rolled back.
Pilipinas Shell, Petron, Phoenix Petroleum Philippines, Chevron Philippines, PTT Philippines, Seaoil and Eastern Petroleum on Tuesday rolled back prices of diesel by 50 centavos per liter.
The big players—Shell, Chevron and Petron—also lowered prices of kerosene by 75 centavos per liter.