Oil companies will implement big-time rollbacks in the pump prices of petroleum products starting 12:01 a.m. today.
In separate announcements, Caltex, Cleanfuel, Flying V, Jetti, Petro Gazz, Petron, Phoenix Petroleum, PTT, Seaoil, Shell and Unioil said they will slash gasoline prices by P3.05 per liter and P2.45 per liter on diesel.
Caltex, Petron, Seaoil and Shell will also cut kerosene prices by P3 per liter.
This, as oil prices in the world market last week posted their biggest weekly decline, with Brent crude dropping by 11 percent and West Texas Intermediate (WTI) falling by 8 percent.
However, global oil industry experts said the war between Palestine and Israel that occurred over the weekend posed higher oil prices in the global market in the coming days.
OilPrice.com data show that as of this writing, Brent crude was trading at USD86.76 to a barrel and WTI at USD85.14, which prices were higher by 2.58 and 2.84 percent, respectively.*PNA