Oil companies imposed a big-time price rollback on Sunday, almost a week after implementing a steep price increase.
Phoenix Petroleum was the first to adjust its pump prices, slashing the cost of gasoline and diesel by P1.55 per liter and 50 centavos per liter, respectively, on Sunday at 6 a.m.
Cleanfuel will also cut the price of gasoline by P1.50 per liter and diesel by 50 centavos per liter at 4:01 p.m. Sunday.
Meanwhile, Petro Gazz will reduce the price of gasoline by P1.55 per liter and diesel by 50 centavos per liter on Tuesday.
Last week, oil companies hiked the price of gasoline by P2.35 per liter, diesel by P1.80 per liter, and kerosene by P1.75 per liter.