As much as P3.50 per liter price rollback will be implemented by some oil companies this week due to a huge decrease in global oil prices.
The expected decrease ranges from P2.50 per liter to P3.50 per liter for diesel and gasoline products, while some oil companies will implement a price rollback of P2.50 per liter for both and gasoline products.
Oil firm PetroGazz already implemented the rollback on Friday, June 7, with P2.00 per liter for diesel and gasoline, as stated in a Manila Bulletin report.
This records the biggest price rollback for this year after the price reductions last week. Oil companies are seen to apply the reductions until Tuesday, June 11.
Prices of petroleum products in Metro Manila ranged from P45.90 to P60.26 per liter for gasoline; P40.05 to P48.34 per liter; and P44.85 to P54.65 per liter for kerosene, as monitored by the Department of Energy (DOE).
Changes in the Dubai crude which hit the US$59 per barrel pulled oil prices down. Market experts said slower economic growth also contributed to the change.
Trade conflicts between the United States and Mexico, which is a major oil producer in the world market, also affected prices.
The plummet of world oil prices is seen as beneficial to oil-import dependent countries such as the Philippines as it means lower prices.
The price cuts serve as a counterweight as another hike in excise taxes of petroleum products was marked this year.