AFTER nine weeks of successive price hikes, major and independent oil firms announced a rollbacks of prices of petroleum products effective Tuesday.
Chevron Philippines announced a price cut of its gasoline products by P0.75 per liter while diesel and kerosene by P0.60 per liter effective at 12:01 a.m. Tuesday.
Petron Corporation and Pilipinas Shell in separate advisories also imposed the same price adjustments of their gasoline, diesel and kerosene at 6 a.m. Tuesday.
PTT Philippines, Total Philippines, Phoenix Petroleum, Petro Gazz and Unioil Philippines also implemented a price cut of gasoline by P0.70 centavos per liter and diesel by P0.60 per liter effective at 6 a.m. while Clean Fuel imposed the same price adjustments at 4:01 p.m. Tuesday.
Energy sources said the weakening of demand on fuel products in the world market, including Asian markets, softened the local prices of petroleum products.