More oil distributors are expected to cut pump prices by P0.60 per liter of diesel, P0.30 per liter of gasoline and P1.40 per liter of kerosene starting today to reflect the movement of world oil prices.
The cuts will be the fourth consecutive weekly price rollbacks.
Seaoil Philippines said it will cut pump prices effective at 6 a.m. today following the move of rival Phoenix Petroleum Philippines to cut prices at 6 a.m. on Saturday.
The other oil companies are also expected to announce their price cuts today.
“For the fourth consecutive week, Phoenix Petroleum Philippines will decrease the prices of diesel by P0.60 per liter and gasoline by P0.30 per liter effective 6 a.m. of 08 February 2020,” Phoenix Petroleum said.
Last week, the oil firms cut the price of gasoline by P1.60 per liter, diesel by P2 per liter and kerosene by P2.45 per liter.
On Jan. 28, most of the oil firms cut the price of diesel by P0.40 per liter, Kerosene by P0.35 per liter and gasoline by P0.30 per liter.
From Jan. 18 to 21, most of the oil companies also cut the price of gasoline by P0.85 to P0.90 per liter, diesel by P1.70 per liter and P1.60 to P1.65 per liter of kerosene.
World oil prices continue to take a hit amid the coronavirus outbreak that has gripped China and the rest of the world. The coronavirus scare is seen to affect demand from China, the world biggest consumer of oil.
The Organization of Petroleum Exporting Countries and its allies have yet to announce additional production cuts that would prop up oil prices.