Oil companies Unioil Philippines and PTT Philippines followed the move of other local oil players and will cut prices by as much as P0.60 per liter effective Tuesday morning.
READ: Oil player sets hefty price cut
“PTT Philippines to implement the following price rollbacks effective 6 a.m. Tuesday, February 5, 2019: gasoline by P0.60 per liter and diesel by P0.35 per liter,” the company said in its advisory.
The oil firms also cut the price of kerosene by P0.20 per liter. The latest rollback ended four consecutive weeks of oil price increases.
Other oil companies such as Pilipinas Shell Petroleum Corp., Seaoil Philippines, Eastern Petroleum Philippines, and Phoenix Petroleum Philippines have also implemented the price cuts.
Year-to-date adjustments stand at a net increase of P0.60 per liter for gasoline, P0.85 per liter for kerosene and P1.75 per liter for diesel.
Concerns of a global economic slowdown affected world oil prices, as a widespread economic slowdown may dent growth in demand for fuel.
Worries over surging American fuel stocks and global economic woes also weighed on sentiment.
READ: Isla, Petron hike LPG prices by over P3/kilo, P42 per tank
The ongoing US-China trade dispute and broader gloom over world economic growth also put a check on prices.
Last Jan. 29, most of the oil companies implemented a price increase of P0.20 per liter for gasoline, P0.55 per liter for diesel, and P0.40 per liter for kerosene.