Pump prices declined by P0.75 per liter for kerosene and diesel and P0.55 per liter for gasoline effective 12:01 a.m. Tuesday.
Pilipinas Shell Petroleum Corp., Eastern Petroleum Corp., Phoenix Petroleum Philippines, PTT Philippines, Seaoil Philippines and Flying V issued separate advisories of the oil price cut.
Other oil companies are expected to follow suit.
Energy Department director Melita Obillo said the price rollback was due to continuing oversupply of petroleum products in the world market
“Phoenix Petroleum Philippines will decrease the prices of gasoline by P0.55 per liter and diesel by P0.75 per liter effective 6 a.m. of July 19, 2016,” Phoenix said in its advisory.
Energy Department spokesman Wimpy Fuentebella said on Friday that international global oil prices are going down.
“The good news is there is a possibility that oil prices will go down because of oversupply. So the trend is downward. But the trend is going down, so hopefully it will continue to go down,’’ he said.
Fuentebella said oil prices react to the foreign exchange movements, additional discovery of oil rigs in America, supply disruptions in Nigeria, among others.
“But in the end the volatility is being monitored by DOE…so we are looking at sana good news for us all, for the consumers,” he said.
The official said the department is still considering proposals for oil stockpiling.
“It’s more on policy question, what we will do about it. Still being studied that is a proposal that was carried over from the previous administration,” he said.
“We are considering all options, what would be the best for the country,” Fuentebella said.
The Philippines imports more than 90 percent of its fuel requirements.
Last July 12, the oil firms cut gasoline prices by P0.80 to P0.90 per liter to reflect the movement of world oil prices.