Motorists and consumers can expect lower oil prices this week as companies will implement rollbacks effective Tuesday.
In separate advisories, Caltex, Seaoil, and Shell said they would slash gasoline prices by P0.55 per liter and a rollback of PHP0.65 per liter on diesel prices.
Caltex, Seaoil, and Shell will also cut kerosene prices by P0.90 per liter.
Other oil companies are to follow suit.
The price cut follows after two straight weeks of oil price hikes.
“Year-to-date, gasoline and diesel have a total net increase of P3.65 per liter respectively, while kerosene has a total net decrease of P1.10 per liter,” the Department of Energy (DOE) said.
The DOE earlier said the oversupply in the global market triggered the lower oil prices this week.*PNA
