In separate advisories, Shell Philippines, Petron Corp., Seaoil, Eastern Petroleum Corp., Unioil and Phoenix Petroleum Philippines lowered gasoline prices by 60 centavos per liter.
They also reduced diesel prices by 20 centavos per liter and kerosene prices by 40 centavos per liter.
Eastern Petroleum implemented its price rollback effective 6 p.m. on Monday.
Other oil firms’ price adjustments took effect between 12:01 a.m. and 6 a.m. on Tuesday.
Fernando Martinez, Eastern Petroleum chairman and chief executive officer, said the latest price adjustments reflect a continuous downward of oil prices in the world market.
“At the rate world oil prices have been behaving, even analysts admit that no one could accurately and consistently forecast the price of oil more than a few months ahead, let alone for years or decades in the future,” Martinez said.
For the month of December, the oil firms rolled back prices of diesel products a total of P3.90 per liter, P3.75 per liter for kerosene and P1.10 centavos per liter for gasoline.
They have lowered the prices of petroleum products for four consecutive weeks.