The oil distributors cut pump prices for the second consecutive week by as much as P1.30 per liter effective Tuesday to reflect the movement of prices in the world market.
Phoenix Petroleum Philippines was the first to announce the price cut of P1.30 per liter of gasoline effective at 12 noon on Saturday.
“For the second straight week, and to provide the public a longer period to avail of cheaper fuels, Phoenix Petroleum Philippines will decrease the price of gasoline by P1.30 per liter effective 12 noon of May 11,” the company said.
Pilipinas Shell Petroleum Corp. announced a price cut of P1.25 per liter of gasoline and P0.30 per liter of kerosene effective 6 a.m. on Tuesday. No price change was implemented for diesel.
Other oil companies such as PetroGazz also announced the same level of price cuts effective Tuesday.
Seaoil Philippines cut prices starting Sunday while Eastern Petroleum announced its price cuts effective Monday.
The oil firms also rolled back prices by P0.90 to P1 liter of gasoline and P0.80 per liter of diesel and kerosene on May 7.
World oil prices have been declining in the past weeks as the concerns over tight supply eased.