MANILA – Local oil firms have announced a heftier rollback on their pump prices starting early today.

Oil firms Pilipinas Shell, Petron Corp., Chevron Philippines (formerly Caltex) and small player Seaoil Philippines said they would cut their respective prices starting at 12:01 a.m.

Regular gasoline will be reduced by P1.40 per liter, kerosene by P1.20 per liter, premium gasoline (including unleaded) by P0.80 per liter and diesel by P0.65 per liter, the firms said.

Eastern Petroleum Philippines, said it would also slash prices at past midnight. Its rollback will amount to P1 per liter on regular, P0.90 per liter on kerosene, P0.80 per liter on premium, unleaded and P0.65 per liter on diesel.

“This reflects movements in the international oil market,” Petron said.

Other oil companies have yet to make an announcement as of press time.

Tuesday's adjustment would be the first “sweeping” price slash — meaning all fuel products are covered - since last week of June.

During recent weeks, consumers had to deal with sweeping price hikes, minimal rollbacks or up-and-down adjustments on pump prices.

Such was the case last week when premium gasoline prices were raised by P0.95 per liter and regular gasoline by P0.35 per liter. Diesel price, on the other hand, was slashed by P0.25 per liter.

This week’s price cut sends the average prices for fuel products in Metro Manila to the following levels: premium, P54 per liter; diesel, P43 per liter and kerosene, P54 per liter.*PNA

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