MANILA, Philippines — Oil companies have announced of massive price cuts this week.
According to Seaoil Philippines, gasoline prices may be cut by as much as P0.90 per liter while diesel price roll back is pegged at P1.70 per liter.
Kerosene prices, on the other hand, is set to be trimmed down by P1.65 per liter effective 6 a.m. today.
Similar price roll backs are to be implemented by Pilipinas Shell Petroleum Corp. and Petro Gazz also starting 6 a.m. on Tuesday.
Cleanfuel has already announced that rolled back in their pump prices are to be implemented in advance particularly Sunday afternoon on March 1, 2020.
Earlier or on Saturday, Phoenix Petroleum Philippines Inc. already decreased its price of diesel by P1.70 per liter and of gasoline by P0.90 per liter.
Decline in international oil prices in the past five days are attributed amid concerns that the US-China trade deal may not spur enough demand, news wire Reuters reported.
Oil prices, however, slightly recovered on Thursday, following progress in the US-China trade deal.
Last week, local oil companies already trimmed diesel prices by P0.20 per liter and kerosene prices by P0.30 per liter. (Ismael Amigo/sovereignph.com)