Oil price rollback set this week

MANILA, Philippines — More oil companies announced massive price cuts this week.

In a text advisory, Seaoil Philippines said it would reduce gasoline prices by P0.90 per liter, diesel prices by P1.70 per liter and kerosene prices by P1.65 per liter effective 6 a.m. today.

Pilipinas Shell Petroleum Corp. and Petro Gazz said the same price cuts would be implemented starting 6 a.m. on Tuesday.

Meanwhile, Cleanfuel rolled back pump prices on Sunday afternoon.

On Saturday, Phoenix Petroleum Philippines Inc. decreased the price of diesel by P1.70 per liter and of gasoline by P0.90 per liter.

It said the early price cut is in order for the public to avail of cheaper fuels earlier than usual.

Other oil companies have yet to announce their respective price adjustments as of this writing.

International oil prices have declined for five days since last week amid concerns that the US-China trade deal may not spur enough demand, Reuters reported.

But oil prices recovered on Thursday, following progress in the US-China trade deal.

Last week, local petroleum companies reduced diesel prices by P0.20 per liter and kerosene prices by P0.30 per liter.