Oil players are expected to cut pump prices this week by as much as P0.40 per liter effective Tuesday due to the movement of prices in the world market.
Pilipinas Shell Petroleum Corp. announced it will slash prices by P0.40 per liter and gasoline and kerosene. There will be no price movement for diesel.
Rival Petron Corp. will implement a price rollback of P0.30 per liter gasoline and kerosene and P0.10 per liter for diesel.
“These reflect movements in the international oil market,” Petron, the country’s biggest oil firm, said.
The rollback came after US President Donald Trump announced a possible comprise between the US and China on their ongoing trade war.
Last week, oil firms raised the price of diesel by P0.65 per liter, kerosene by P0.50 per liter and gasoline by P0.30 per liter.
The oil firms also raised the price of cooking gas or liquefied petroleum gas by P0.25 per kilo on December 1 due to the higher contract price of LPG in the world market.
Oil firms adjust pump prices on a weekly basis. LPG prices, on the other hand, are adjusted on a monthly basis.