MANILA, Philippines - Oil companies will be cutting the prices of gasoline and diesel on Tuesday.
Petron said it will implement the following price rollback: P0.50 per liter for Super Xtra, Xtra Advance, XCS and Blaze 100 Euro 4; P0.20 per liter for Turbo Diesel and Diesel Max; and P0.25 per liter for kerosene.
PTT Philippines said it will also cut prices of gasoline by P0.50 and diesel by P0.20.
PTT Philippines said weaker than expected US and China economic indicators for January 2014 raised speculation of weaker demand. On the other hand, the reported possible increase of oil exports fro Libya raised speculation of an increase in supply.
The price rollback will take effect at 12:01 a.m., Februrary 11.