MANILA, Philippines (UPDATE) - Oil refiners Pilipinas Shell Petroleum Corp. and Petron Corp. will implement a rollback in their fuel prices to reflect the decline in international product prices.
Both will slash prices of gasoline by P0.75 per liter and diesel and kerosene by P0.25 per liter.
Shell will implement its rollback at 12:01 a.m. on Monday, and Petron at 6:00 a.m.
Other firms are expected to follow.
Firms have been increasing the prices of their products for the last couple of weeks, prompting even Malacanang to announce that it is open to reviewing the Oil Deregulation Law.