Oil prices are set to decline as the global oil market experiences a softening trend, providing relief to consumers.
Effective from 6 am on Tuesday, there will be a rollback of P0.60 per liter for gasoline, P0.30 per liter for diesel, and P0.60 per liter for kerosene.
Other oil companies such as Chevron Philippines, PTT, Seaoil, PetroGazz, Cleanfuel, also announced their plan to lower prices.
Global oil prices experienced a decline last week due to supply issues and concerns over China’s weak economic data.
Data from the Department of Energy revealed that on May 30, oil companies increased the price of gasoline by P1.10 per liter while reducing the price of kerosene by P0.60 per liter. However, there was no movement in the price of diesel.