MANILA – There will be adjustments in oil prices starting 12:01 a.m. of Oct. 3.
In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix Petroleum, PTT, Seaoil, Shell and Unioil said they will slash gasoline prices by PHP2 per liter while increasing diesel prices by PHP0.40 per liter.
Caltex, Seaoil and Shell will also cut prices of kerosene products by PHP0.50 per liter.
Last week, oil companies implemented their first price rollback after 11 consecutive weeks of price hikes.
"Oil prices settled 1 percent lower on Friday due to macroeconomic concerns and profit-taking," Regina Capital Development Corp. head of sales Luis Limlingan said.
He said Brent crude price settled at 7 cents lower to USD95.31 per barrel while West Texas Intermediate (WTI) traded at USD90.27 a barrel, down by 92 cents. (PNA)