MANILA -- Several oil companies have announced for the second consecutive week a price rollback effective 6 a.m. on Tuesday.
In separate advisories, Petro Gazz, Seaoil, Petron and PTT Philippines said they will reduce gasoline prices by PHP0.80 per liter and diesel by PHP1 per liter.
Seaoil and Petron will also cut the prices of their respective kerosene products by PHP1.15 per liter.
“These reflect movements in the international oil market,” Petron said.
These additional price cuts will be made as Saudi Arabia oil production is expected to return back to normal earlier than expected following the drone attacks on its oil facilities a few weeks ago.
Following the attacks on oil facilities of Saudi Aramco last September 14, prices of oil in the international market posted an uptick due to supply concerns.
However, Saudi Arabia said short-term disruptions on deliveries are expected only around this month. (PNA)
