Oil firms will slash pump prices this week.
They announced Monday that gasoline prices will go down by P0.85 per liter, diesel by P1.20 per liter and kerosene by P1.30 per liter.
The price rollback takes effect at 6 a.m. of Tuesday, November 23.
Seaoil, Petron, Shell, PTT, Total, Cleanfuel announced their price adjustment Monday afternoon. Cleanfuel, meanwhile said it would adjust its pump prices at 8:01 a.m.
Other oil firms are expected to follow suit.
The latest round of oil price rollback reflects movement in the world oil market. Seaoil said the price rollback for gasoline is lower than that of diesel because “there’s an increase in import premiums related to freight and refining.”
Last week, gasoline prices went down by P0.90 per liter and kerosene by P0.10 per liter.
Prior to this week’s price rollback, the year-to-date adjustments stood at a total net increase of P20.05/liter for gasoline, P15.09/liter for kerosene while that of diesel remains at P17.50/liter.