The country’s oil firms are expected to roll-back pump prices by as much as P1 per liter this week to reflect the movement of world oil prices.
Oil firms are expected to follow the move of Petro Gazz (formerly Flying V) of implementing the P1 per liter rollback for gasoline and P0.80 per liter rollback for diesel effective 6 a.m. yesterday.
Other oil firms, however, have not announced similar price cuts as of press time.
Unioil Philippines, in its advisory on Saturday, said diesel prices will go down by P0.80 to P0.95 per liter and gasoline by P1 to P1.20 per liter this week.
On June 19, the oil firms raised the price of gasoline by P0.20 per liter and diesel and kerosene by P0.45 per liter.
The Organization of Petroleum Exporting Countries on Friday agreed to a modest increase in oil production in a bid to avoid a supply glut.