FOR the first time this year, local oil companies are set to implement a big-time price rollback of their petroleum products that will take effect this coming week.
Energy sources said big and small oil firms are likely to cut the price of their diesel by P11.00 to P11.70 per liter, gasoline by P6.00 to P6.20 per liter, and kerosene by P8.70 to P8.80 per liter.
Oil firms usually announce the price increases or rollbacks of their petroleum products every Monday to be effective the following day.
Earlier, Department of Energy (DOE) Secretary Alfonso Cusi said pump prices could go down for the first time following a dip in Dubai crude oil prices.
He added that lower oil demand in China due to a surge in COVID-19 cases also added to the price drop of crude oil in the international market.