As world oil prices softened, oil firms cut prices by as much as P2.25 per liter for gasoline over the weekend.
Total Philippines cut the price of unleaded gasoline by P2 per liter and regular gasoline by P1.50 per liter effective 6 a.m. yesterday.
Seaoil Philippines implemented a price cut of P1.85 per liter for diesel, kerosene and regular gasoline and P1.75 per liter for premium and unleaded gasoline effective 12:01 am today.
Seaoil's rollback is slightly higher than what was implemented by its rivals. Petron Corporation, Chevron Corporation and Phoenix Petroleum Philippines cut diesel and kerosene prices by P1.70 per liter and gasoline by P1.50 per liter over the weekend.
Flying V cut diesel prices by P1.50 per liter only on Saturday, unleaded gasoline by P1.30 per liter and kerosene by P1.50 per liter to reflect the lower prices at the world market.
World oil prices have been on a decline since last week as economic worries in Europe and the United States cast more clouds over the market.
Oil firms cut prices by P1 per liter for gasoline, P0.50 per liter for diesel and P0.75 per liter for kerosene last August 9.
The year-to-date net increase of gasoline and diesel are P6.30 per liter and P5.70 per liter, respectively as of August 9.
Diesel sells at P41.20 to P45.70 per liter and gasoline at P49.35 to P56.27 per liter prior to the price cut.
Petron, however, raised cooking gas prices by P1 per kilo and P0.63 per liter increase for auto LPG effective Saturday.*PNA