Oil firms slashed P1 off fuel prices on Friday as the global price of petroleum products continue to fall.
Companies which have reduced gasoline, diesel and kerosene prices by P1 a liter include Petron Corp., Seaoil Philippines, and Unioil Petroleum, GMANews.TV reported.
Chevron Philippines (formerly Caltex) also implemented a similar rollback on its fuel products.
"Price movements (are) due to continued decrease in MOPS (Mean of Platts Singapore) prices," Chevron spokesperson Toby Nebrida said in a text message. MOPS is a benchmark used by local firms in pricing oil products.
The Friday rollback is the second time oil firms reduced fuel prices after a P1.25 cut implemented on May 17.