Put off for tomorrow what you can gas up today, as oil companies are set to reduce pump prices on Tuesday.
Flying V and Total announced that they will cut gasoline prices by P0.50 per liter and diesel by P1.10 per liter beginning 6 a.m.
Petro Gaz will implement the same price cuts at the same time, while Caltex announced it will decrease WPP of Platinum and Silver by P0.55 per liter and diesel by P1.10 per liter starting 12:01 a.m.
Meanwhile, Seaoil and Cleanfuel already implemented its price adjustments on Sunday. Phoenix Petroleum Philippines has led the price rollback on Saturday.
Citing a report by Reuters, The STAR said that oil prices fell for the most part of the trading week due to the escalating US-China trade war.
The 2.4-million barrel buildup in US crude stockpiles also weighed down oil prices, it said in a report.
Local oil companies did not implement price adjustments last week.
According to the Department of Energy, the year-to-date adjustments stand at a net increase of P5 per liter for gasoline products while P3.95 per liter for diesel and P2.15 per liter for kerosene. – With Danessa Rivera/STAR