Oil firms cut gasoline prices by 50 centavos a liter while maintaining the prices of diesel and kerosene.
Companies which implemented the rollback are Chevron Philippines (formerly Caltex), Seaoil Philippines, Total, Eastern Petroleum, Phoenix Petroleum and Petron Corp.
"Price movement is due to softening MOPS (Mean of Platts Singapore) prices," Chevron spokesperson Toby Nebrida said in a text message sent to the media. MOPS is one of the benchmarks used by local firms in pricing oil products.
Today's rollback follows last week's 50-centavo hike on gasoline prices.