Two of the country’s smaller oil companies initiated this weekend’s price rollback trend, cutting diesel and gasoline by an estimated P1 per liter.
Unioil was the first to enforce price cuts effective Saturday at 6 a.m. based on its advisory to the media.
The second, marginal oil industry player Jetti Petroleum, indicated that it will reduce prices on Christmas Eve but it had not given any specific amount yet.
Most of the major oil companies had been steady in their pricing movements, often following the Tuesday routine, which means that this week’s reduction is likely on Christmas Day.
Domestic pump prices continue to go down due to softening prices in the world market, buoyed primarily by the higher inventory of the United States.
The price collapse has been happening despite the recent decision of the Organization of Petroleum Exporting Countries and Russian-led alliance to cut production by 1.2 million barrels per day. (Myrna M. Velasco)
