For the first time this year, oil companies announced a slight reduction in prices of petroleum products.
In separate advisories, firms said it slashed the price of diesel by 35 centavos per liter, gasoline by 60 to 70 centavos per liter, and kerosene by 20 centavos per liter.
Phoenix Petroleum took the lead when it implemented the pump price cut on Saturday at 6 a.m. Petro Gazz followed on Monday at 6 a.m. while Pilipinas Shell and Seaoil would adjust its prices on Tuesday around the same time.
“This is to reflect movements in the international petroleum market,” Seaoil said.
Other industry players are expected to follow suit.
Last week, the majority of oil firms implemented a price increase of 55 centavos per liter for diesel, 20 centavos per liter for gasoline, and 40 centavos per liter for kerosene.
The announcement comes after four straight weeks of fuel price hikes where diesel prices jacked up by P3.05 per liter, gasoline prices by P3.40 per liter, and kerosene by P2.95 per liter.
Earlier, firms increased the price of liquefied petroleum gas (LPG) products by P3.88 per kilogram or about P42.68 per 11-kilogram cylinder which took effect this month.
AutoLPG price also rose by P2.17 per liter.
“As of 01 February 2019, household estimated price of LPG in Metro Manila ranges from P585.68-P772.68 per 11-kilogram cylinder,” the Department of Energy (DoE) said in its weekly price monitoring.