Local oil giant Petron Corp. along with Thailand-based PTT Philippines, are set to follow suit with a substantial cut in the price of gasoline that was initiated by more aggressive oil firms over the weekend.
In separate advisories, both companies said they too would roll back the price of their gasoline products by PHP1.25 per liter, effective 6 a.m. on Tuesday (May 14).
Petron also announced a PHP0.30 per liter reduction in kerosene.
Seaoil was the first to make a move this week, cutting the price of gasoline by PHP1.25 per liter and kerosene by PHP0.30 per liter effective 12:01 AM on Sunday.
Petrogazz quickly followed with the same price adjustment PHP1.25 per liter effective 6 a.m. Monday.
Other companies are expected to announce similar price adjustments within the day or implement their own rollbacks without fanfare.
There will be no change in the price of diesel this week.
Oil executives said these changes are in line with the downward trend in the price of oil in the international market. (PNA)