Most oil firms will reduce pump prices on Tuesday, citing continuing oil glut in the international crude market and peso depreciation.
In separate advisories Monday, Pilipinas Shell Pe-troleum Corp. and Phoenix Petroleum Philippines said they will roll back gasoline prices by 60 centavos per liter and diesel prices by 90 centavos per liter.
Shell added that it will slash kerosene prices by 90 centavos per liter.
Independent firm Eastern Petroleum will lower diesel prices by 95 centavos per liter and gasoline prices by 60 centavos per liter.
Eastern Petroleum will have applied the price movements at 6 p.m., Monday.
Eastern Petroleum chairman and chief executive Fernando Martinez said analysts are unable to project the long-term prices of oil, adding hat they expect prices “will continue to defy experts’ expectations.”
According to the Department of Energy (DOE) oil monitor for Metro Manila as of January 20, diesel has a price range of P18.45-P21.65 per liter.
It has a common price of P20.20 per liter.
Gasoline prices range from P32.15-P39.95 per liter, with a common price of P37.10 per liter.