Oil companies will roll back their prices starting Tuesday.
In separate advisories, oil players Chevron (Caltex), Clean Fuel, Flying V, Petro Gazz, Petron, Phoenix Petroleum, PTT Philippines, Seaoil, Shell, and Total will reduce prices of diesel by PHP1.15 per liter, and 55 centavos per liter on gasoline.
Chevron, Flying V, Petron, Seaoil, Shell will implement a PHP0.60-per-liter cut on prices of kerosene effective 6 a.m. Tuesday.
Just last week, oil firms hiked their prices amid the decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies as well as some G20 countries to cut oil production by 20 million barrels per day starting next month.
West Texas Intermediate crude is trading at USD14.74 per barrel from USD20-level last week.
Brent crude price also plunged to USD27.51 a barrel from last week’s USD30-level. (PNA)