Oil companies announced a big-time rollback in the prices of petroleum products over the weekend.
Petron, Pilipinas Shell, and PTT Philippines slashed the prices of diesel by P1.25 per liter and gasoline by P1.05 per liter, respectively. The cuts took effect at 6 a.m. today (Sunday).
Petron and Pilipinas Shell also reduced the price of kerosene by P1.20 per liter at 6 a.m.
Seaoil cut the price of diesel by P1.30 per liter, gasoline by P1.15 per liter, and kerosene by P1.20 per liter, also effective at 6 a.m.
Phoenix Petroleum slashed on Saturday the prices of diesel and gasoline by P1.30 per liter and P1.15 per liter, respectively.
Other oil firms are expected to follow suit this week.