At least three oil companies gave a positive announcement for consumers, as they would cut the pump prices of fuel by Wednesday.
The advisories Monday first came from Pilipinas Shell, announcing an across-the-board pump price cut on gasoline P.50 a liter, kerosene by P.25 a liter and diesel by P.20 a liter.
Phoenix Petroleum said that they would decrease the prices of diesel and gasoline by the same amount, effective 6 a.m. on Tuesday.
Petron followed suit, announcing the similar amount of rollback on all products.
For Shell and Petron, the adjustment—second for the month of February—would take place Tuesday, shortly after midnight.
The movements, Phoenix stated, is aimed “to reflect the softening in the prices of refined petroleum products in the world market.”
Other oil companies had yet to announce their own price cuts as of press time.
Last week, oil firms jacked up prices of gasoline by P0.10 a liter, kerosene P0.30 a liter and diesel by P0.25 a liter.
The movement, Phoenix Petroleum claimed, is “to reflect the movements in the prices of refined petroleum products in the international market and the peso depreciation.”
The price hike started on January 28 when oil firms conducted an oil price increase on gasoline by P.45 a liter, kerosene by P.55 a liter and diesel by P.60 a liter.