Oil firms will implement big-time price rollbacks for diesel and kerosene as well as less than 50 centavos price cut for gasoline starting today.
In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix Petroleum, PTT, Seaoil and Shell said they will cut gasoline prices by P0.40 per liter and P2.15 per liter for diesel.
Caltex, Seaoil and Shell will also slash kerosene prices by P2.10 per liter.
Other oil players are expected to follow suit.
This is the fifth straight week that oil firms will reduce prices of diesel.
As of last week, net price increase for gasoline stood at P28.60 per liter since the start of the year; P43 per liter for diesel; and P36 per liter for kerosene.
Oil prices remain volatile as demand worries for petroleum products continue to rise amid the COVID-19 outbreak in China, with its government maintaining its zero-COVID policy.*PNA