Shell and Petron will cut their prices of petroleum products starting today.
The two oil companies announced that the cost of gasoline will go down by 85 centavos per liter, and kerosene and diesel by 55 centavos per liter.
Other companies are expected to follow suit.
The oil price cut is the second for this month.
On May 5, oil firms lowered the price of gasoline by 75 centavos per liter and 50 centavos per liter for diesel and kerosene.