The oil firms cut pump prices for the second consecutive week by as much as P0.60 per liter starting 6 am Tuesday to reflect the movement of world oil prices in the domestic market.
“Petron will implement the following rollbacks effective 6 am tomorrow, June 12: P0.55 per liter for Blaze 100 Euro 6, XCS and Xtra Advance, P0.60 per liter for Turbo Diesel and DieselMax and P0.60 per liter for kerosene,” it said.
Aside from Petron, other oil firms also cut prices namely Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines, Seaoil Philippines, Flying V, PTT Philippines, Total Philippines, among others.
This is the second oil price rollback at the big time rollback implemented last week of as much as P1.40 per liter.
The rollback ended three weeks of consecutive oil price hikes due to volatilities in the world market.
Energy Secretary Alfonso Cusi had earlier asked the oil firms to implement early the rollback due to the softening of world oil prices to benefit the consumers.
Cusi has been pushing to come out with a policy on unbundling petroleum product prices to promote transparency.
“We need to unbundle the prices. It has to happen,” Cusi said, adding that this will provide the consumers more information about the petroleum products that they buy.