MANILA -- Prices of petroleum products at the pump are set to go down substantially on Tuesday (June 26), representing a complete about face from last week's direction.
The oil price rollback will take effect at 6 a.m. on Tuesday, local oil companies announced in separate text messages to journalists.
The price of unleaded gasoline will decrease by PHP1.15/liter, diesel by PHP0.90/liter and kerosene by PHP0.85/liter, the same companies revealed.
Oil executives explained that the impending reduction in pump prices was brought about by favorable movements in the world crude market, which they are simply passing on to domestic consumers.
It can be recalled that last June 19, prices of unleaded gasoline went up by PHP0.20/liter while diesel increased by PHP0.45/liter. (PNA)
