MANILA, Philippines — More oil companies announced hefty fuel price cuts starting today.
In separate advisories, most oil companies announced that gasoline prices would be decreased by P1.70 per liter, diesel by P1 per liter and kerosene by P1.05 per liter.
Caltex Philippines and Seaoil Philippines said their price rollback took effect at 12:01 a.m.
Eastern Petroleum, Pilipinas Shell Petroleum Corp., PTT Philippines and Total said their price adjustments were effective at 6 a.m.
Phoenix Petroleum Philippines and Petro Gazz implemented higher price reductions on gasoline prices at P1.75 per liter.
Phoenix Petroleum had rolled back pump prices last Saturday while Petro Gazz reduced prices at 6 a.m. today.
During the last trading week, Brent crude remained below $70 per barrel due to the ongoing trade war between the US and China.
News of a weakening Chinese economy and the possible retaliation of China against the US in a trade war weighed down global oil prices, Reuters reported.
This is the second consecutive week that oil companies are rolling back fuel prices.
Last week, oil companies slashed gasoline prices by P0.35 per liter, diesel by P0.45 per liter and kerosene by P0.60 per liter.
Before this week’s price cuts, year-to-date adjustments stood at a net increase of P7.20 per liter for gasoline, P5.75 per liter for diesel and P4 per liter for kerosene, based on data from the Department of Energy.