The oil distributors will cut the price of diesel and gasoline by P0.10 per liter starting Tuesday to reflect the movement of prices in the world oil market.
Phoenix Petroleum Philippines, PetroGazz, PTT Philippines and Pilipinas Shell issued separate advisories of the rollback on Sunday.
“Phoenix Petroleum Philippines will decrease the prices of gasoline and diesel by P0.10 per liter effective 6am of 27 August 2019,” the oil firm said.
The oil companies adjust pump prices on a weekly basis.
World oil prices reacted to the announcement of China that it would retaliate against the US by imposing tariffs on $75 billion worth imports from the United States.
The oil prices in the world market have been volatile in the past months due to the US-China trade war, which could have a huge impact on global oil demand.
On Aug. 20, the oil companies raised the price of gasoline by P0.35 to P0.50 per liter, diesel by P0.60 to P0.75 per liter and kerosene by P0.45 to P0.50 per liter.
On Aug. 13, the oil companies implemented a price cut of P0.50 per liter of gasoline, P1.10 per liter of diesel and P1.30 per liter of kerosene.