Oil firms will implement price rollback starting this morning.
In separate statements, Caltex, Cleanfuel, Petro Gazz, PTT, Seaoil, and Shell said they will cut gasoline prices by P0.65 per liter and P0.70 per liter on diesel prices.
Caltex, Seaoil, and Shell will also reduce kerosene prices by P0.75 per liter.
To date, oil prices stood at a total net increase of P13.90 per liter for gasoline, P11.10 per liter increase for diesel, and P9.45 per liter increment on kerosene products compared to their prices a year ago.
In the world market, it was reported that oil prices fell Friday due to concerns on demand amid worries on restrictions due to the coronavirus disease 2019 Delta variant.
“Oil prices rose early on Friday but were still headed for their worst weekly performance since March, depressed by rising Covid cases in many countries and renewed travel restrictions in the world’s largest oil importer, China,” Oilprice.com wrote.
It added the biggest concern for oil demand comes from China, which halted travel and public transportation in some cities to control the spread of Covid-19, and intensive fuel consumers in Asia such as Japan, Thailand, Malaysia, and the Philippines, which are experiencing rising Covid-19 cases amid the presence of more transmissible Delta variant.*PNA