Oil firms Unioil Philippines and Cleanfuel kicked off the latest oil price rollback of as much as P1.50 per liter to reflect the movement of prices in the world oil market.
Unoil Philippines cut diesel pump prices by P1.50 per liter and gasoline by P1 per liter on Sunday to reflect the changes in the international oil market.
The price changes would vary depending on location, the oil company added.
Cleanfuel cut pump prices at the same level as Unioil on 8:01 a.m. Monday ahead of the other oil firms. The oil firms usually adjust pump prices on Tuesday.
This will be the fourth consecutive weekly price cut for diesel and the second for gasoline.
On Sept. 8, the oil firms cut the price of gasoline by P0.30 per liter, diesel by P0.45 per liter and kerosene by P0.55 per liter, which resulted in a year-to-date net decrease of P4.22 per liter for gasoline, P9.44 per liter for diesel and P13.94 per liter for kerosene.
World oil prices declined last week amid the outlook of lower demand from the US and higher inventories.
US jobless data continued to go up fueling concerns of economic and energy demand growth.
According to the monitoring report of the Department of Energy, global oil supply increased by four million barrels per day from July through August after dropping more than 13 million b/d from April to June.
Oil supply is forecasted to continue to go up, adding 3 million b/d from September to end-2020.
