Pilipinas Shell Petroleum Corporation (PSPC) and Phoenix Petroleum Philippines said on Monday it will cut prices of gas products by 20 centavos per liter and diesel by 50 centavos per liter on Tuesday.
In an advisory, Shell said it will implement the reduction at 12:01 a.m., while Phoenix will apply the changes at 6 a.m.
According to the Department of Energy's (DOE's) oil monitor, diesel is selling from PhP26.40-26.95/liter, while mostly offered at PhP27.50/liter since last week.
Gasoline, on the other hand, plays between PhP40.00 and PhP46.15 per liter. Most service stations sell it at PhP 44.65/liter.
Shell will also rollback kerosene prices by 20 centavos per liter, the DOE said.
Phoenix explained the decrease was caused by the continued softening of oil prices in the global market.
Last week, Saudi Arabia reported its crude oil exports fell to its lowest level last month -- from 7.737 million barrels per day in April -- to 6.935 million barrels per day.
Demand plunged, while production reached over 10 million barrels per day, as Saudi turned into one of the globe's largest refining centers. (PNA)