Local oil firms have announced a rollback in their petroleum products this week.
In separate advisories, Eastern Petroleum, PTT Philippines and Petro Gazz said they will slash the prices per liter of diesel by P0.45, and gasoline by P0.35.
The price adjustment will take effect at 6 a.m. on Tuesday (May 28).
Caltex, SEAOIL Philippines and Pilipinas Shell Petroleum Corp., meanwhile, have announced the same amounts of rollback in gasoline and diesel, adding that the price of kerosene will also be reduced by P0.60 per liter.
Their price cuts will take effect at 12:01 a.m. on Tuesday.
Phoenix Petroleum Philippines Inc. and Unioil Petroleum Philippines Inc. earlier announced similar price slash.
The oil price rollback will be implemented to reflect the prices in the international petroleum market.
Meanwhile, the price of Liquefied Petroleum Gas (LPG) is also seen to go down in June.
As of May 24, the contract price of imported LPG has significantly declined by $110 per metric ton which is equivalent to P6.40 per kilogram or P70.40 per 11-kilogram cylinder tank.
However, this figure may still change depending on the May 31 final contract price.