More fuel companies cut pump prices by as much as P2.30 per liter effective Tuesday to reflect the movement of world oil prices.
Pilipinas Shell Petroleum Corp. and Eastern Petroleum Corp. issued separate advisories of the price rollback.
On Sunday, Chevron Philippines, which sells the Caltex brand of fuels, also announced the price rollback effective Tuesday.
Phoenix Petroleum Philippines, however, was the first to implement the rollback, the seventh round of consecutive weekly oil price decreases with a cut of as much as P2.20 per liter starting noon Saturday.
Phoenix also dropped the prices of gasoline by P1.10 per liter and diesel by P2.20 per liter effective noon of Nov. 24, it said in its advisory late Friday.
Unioil Philippines said that since Oct 15, 2018, the price of diesel has decreased by a total P6.20 and gasoline has gone down by a total of P9.15.
The Department of Energy attributed the lower prices to continuing oversupply of petroleum products in the world market.
DOE noted the report from International Energy Agency Executive Director Fatih Birol that warned the Organization of Petroleum Exporting Countries and other key oil producers to “behave responsibly” to ensure continued “comfortable” market conditions and prevent a return to higher oil prices.
Year-to-date adjustments are now at a net increase of P2.60 per liter for gasoline, P6 per liter for diesel and P5.63 per liter for kerosene.