OIL companies are set to implement a big-time roll back in prices of petroleum products this week.
According to industry sources, gasoline prices will be lowered by as much as P1 per liter while the cost of diesel is expected to be reduced by 60 centavos per liter.
Oil companies usually implement the price adjustment on Tuesdays.
Some analysts had forecast that the reentry of Iranian crude to the market could push fuel prices on a downward trend for the rest of the year.
Last week, oil firms also lowered gasoline prices by 55 centavos per liter, diesel products by 65 centavos per liter and kerosene by 85 centavos per liter.
RITCHIE A. HORARIO