After more than two months of price hikes, oil firms finally announced a rollback on prices of gasoline starting today.
In separate statements, Cleanfuel, Petro Gazz, Seaoil, and Shell said they will cut gasoline prices by PHP1 per liter after 10 consecutive weeks of price hikes.
The same firms said they will reduce diesel prices by PHP0.60 per liter, while Seaoil and Shell will also decrease kerosene prices by PHP0.65 per liter.
This is the second week that the local oil players slashed diesel and kerosene prices.
Other oil companies are expected to follow suit.
Despite pressure from the United States to pump more oil, the Organization of Petroleum Exporting Countries and its allies (OPEC+) has maintained its planned output of 400,000 barrels a day.
In a news conference last week, Russian Energy Minister Alexander Novak said the OPEC+ has added 2 million barrels of output to the market since August.
Novak added that oil-producing countries remain cautious as the Delta variant of coronavirus disease 2019 (Covid-19) and restrictions in some countries could still threaten demand.*PNA