Oil firms are set to implement a big rollback in prices of petroleum products this week.
According to industry sources, the oil firms may lower prices of diesel by P1.40 to P1.50 per liter, kerosene by P1.35 to P1.45 per liter and gasoline by P0.75 to P1 per liter.
The sources said the rollback was prompted by continuous downward trend in world oil prices.
Fernando Martinez, Eastern Petroleum chairman and chief executive officer, earlier said analysts expect that ongoing oversupply would push prices to fall further.
Martinez added that effective removal of the Organization of the Petroleum- Exporting Countries (OPEC) quota would leave the market in a more vulnerable position.
Oil companies usually make a formal announcement on price adjustments every Monday, with the changes taking effect Monday evening or the following day.
Last week, the oil firms also decreased diesel prices by 50 centavos per liter and kerosene by 70 centavos per liter.
RITCHIE A. HORARIO