Oil companies were expected to cut pump prices by as much as P1.65 per liter starting at 6 a.m. Tuesday to reflect the movement of prices in the world oil market.
Gasoline will be rolled back by P1.65 per liter, kerosene by P1.35 a liter, and diesel by P1.25 a liter.
This is the fourth consecutive week of oil price cuts amid continuing worries of a global slowdown in demand triggered by concerns about a US recession and strict COVID-19 lockdowns in China.
Cleanfuel, Seaoil Philippines, PTT Philippines, Chevron Philippines, and PetroGazz issued separate advisories on the price rollback.
On Sept. 20, the oil companies implemented a per-liter rollback in diesel prices by P4.15 per liter and kerosene by P4.45 per liter. Gasoline prices did not change. The total year-to-date adjustments come to a net increase of P30.65 per liter for diesel and P25.45 per liter for kerosene. Gasoline remains at a net increase of P16.50 per liter.