MANILA, Philippines - Oil companies will reduce their pump prices on Sunday.
At 12:01 a.m., major player Petron Corp. and small player Seaoil Philippines will slash P0.65 per liter off their respective prices of premium gasoline (including unleaded), P0.50 per liter off regular gas, P0.40 per liter off diesel and P0.25 per liter off kerosene.
Flying V, another small oil firm, said it would shed P0.60 per liter from premium gasoline prices and P0.50 per liter from regular, diesel, and kerosene.
"This (adjustment) is to reflect the movements in the international oil market," Petron said in a text advisory sent Saturday afternoon.
Effective 1 am Sunday Shell will likewise reduce its pump price for FuelSave Unleaded Gasoline, Shell Super Premium Unleaded and Shell VPower by P0.65 per liter; Shell FuelSave Diesel & Shell VPower Diesel by P0.40 per liter; kerosene, P0.25/liter ; Regular , P0.50/liter.
The Department of Energy (DoE) predicted a few days ago that local petroleum prices would drop this coming week due to the softening prices in the international market.
Oil firms are coming off sweeping price rollback last week wherein prices of unleaded was decreased by P1 per liter, kerosene by P0.90 per liter, regular by P0.70 per liter and diesel by up to P0.80 per liter.
Taiwan on Saturday protested to the Philippines for sending naval ships to disputed South China Sea islands in the latest diplomatic spat between the two governments.