The oil firms cut pump prices by P1.55 per liter effective 6am Tuesday to reflect the movement of prices in the world oil market arising from slowdown in demand amid ample supply.
The oil firms cut the price of gasoline by P1.55 per liter, diesel by P1.30 per liter and kerosene by P1.40 per liter.
Seaoil Philippines, PetroGazz, PTT Philippines, Jetti Petroleum, and Cleanfuel issued separate advisories of the latest oil price movement.
Department of Energy director Rodela Romero said last week world oil prices softened last week due to sluggish demand from China and the US and reports indicating the Organization of Petroleum Exporting Countries and its allies (OPEC+) plans to boost output by 180,000 bbls per day in October.
Romero said the recovery to Libyan oil production, which increases available supply, also affected world oil prices.
On September 3, the oil firms increased pump prices by P0.70 per liter for kerosene, P0.50 per liter for gasoline and P0.30 per liter for diesel.
Year-to-date, total adjustment of gasoline and diesel stands at a net increase of P7.40 per liter and P4.35 per liter, respectively. However, kerosene has a total net decrease of P3.30 per liter.
