MANILA, Philippines — After successive weeks of price hikes, petroleum firms will roll back pump prices today due to oversupply.
Gasoline prices go down by P1 per liter after four consecutive weeks of increases, and diesel and kerosene by P1.30 and P0.85 per liter, respectively, following an eighth straight week of higher prices for both products.
Pilipinas Shell Petroleum Corp. said it would implement the rollback at 6 a.m.
Eastern Petroleum Corp., Phoenix Petroleum Philippine Inc. and PTT Philippines Corp. said they would reduce gasoline and diesel prices at the same hour.
Flying V and SeaOil Philippines Inc. said they would reduce pump prices at 12:01 a.m.