THE oil companies rolled back pump prices by P0.90 per liter of diesel and kerosene and P0.55 per liter of gasoline effective Tuesday.
They made the cuts after the Organization of Petroleum Exporting Countries failed to make deeper or longer supply cuts on May 25.
Phoenix Petroleum Philippines, Seaoil Philippines, Eastern Petroleum and Flying V made the announcement on the price cuts on Monday.
Opec members and their non-Opec counterparts announced during the Vienna meeting that they would extend their supply-cut agreement.
Despite the cut, the Energy Department’s latest monitoring revealed that the supply of oil products in the world was still sufficient.
On May 30, the oil companies raised the price of gasoline by P0.55 per liter, diesel by P0.75 per liter and kerosene by P0.85 per liter.
The total price adjustments so far revealed a net increase of P0.86 per liter of gasoline and a net reduction of P0.30 per liter of diesel and a net reduction of P0.76 per kilo of liquefied petroleum gas.
The Energy department announced late last month that only kerosene was affected by the price freeze being implemented in Mindanao.
The price freeze for kerosene will be effective until June 7, or 15 days from the declaration of martial law.
The department said such freeze on kerosene was imposed due to the emergency situation in Marawi City as government forces tried to clear the area of Maute group terrorists.