OIL companies are set to implement a substantial rollback in retail prices of petroleum products on Monday.
In separate advisories, Petron Corp., Pilipinas Shell, Phoenix Petroleum Philippines Seaoil, and PTT Philippines said they will cut prices of diesel by P1.50 per liter and P1.70 per liter for gasoline.
Except for PTT and Phoenix, the oil companies will also lower kerosene price by P1.60 per liter.
Except for Phoenix, they will implement the rollback effective 12:01 a.m. Monday. Phoenix will impose the price adjustment at 6 a.m.
This is the second time this month that oil companies reduced the cost of petroleum products.
The oil firms cited movements of crude prices in the international market for the rollback.
“This is to reflect movements in the international petroleum market,” they said.
Last week, the oil firms also slashed 95 centavos per liter in prices of gasoline and 80 centavos per liter for diesel.