Oil companies rolled back pump prices Tuesday, cutting the cost of gasoline by P1.15, diesel by 90 centavos and kerosene by 85 centavos per liter.
Seaoil, which announced the price cuts effective 12:01 am June 26, said the move reflects movements of petroleum products in the international market.
Aside from Seaoil, Phoenix Philippines, PTT Philippines, Pilipinas Shell Petroleum Corp., Total Philippines, Unioil Philippines and Eastern Petroleum also issued advisories about the rollback.
Petro Gazz (formerly Flying V), which announced a rollback of P1 per liter for gasoline and P0.80 per liter for diesel effective 6 am Sunday was compelled to implement an additional rollback of 15 centavos per liter for gasoline and 10 centavos per liter for diesel.
The Energy department attributed the rollback to the increased market activity in China, Thailand and India and ample supply due to maximum refinery output.
It said oil prices also dropped after Iran signaled it might agree to the Saudi-Russian plans for small increases in the production of members of the Organization of Petroleum Exporting Countries.
The Opec agreed to a modest increase in oil production aimed to avoid a supply glut.
At the same time, analysts are carefully looking at developments of a trade war between US and China which could affect demand.
On June 19, the oil firms raised the price of gasoline by 20 centavos per liter and diesel and kerosene by 45 centavos per liter.
They rolled back pump prices by 55 centavos per liter for gasoline and 60 centavos per liter both for diesel and kerosene on June 12 due to the softening of world oil prices.