The Department of Energy (DOE) announced over the weekend the rollback of fuel prices after two straight weeks of price increases.
The agency said that gasoline will go down by P0.25 to P0.70 per liter; diesel by P0.30 to P0.80 per liter; and kerosene by P0.50 to P0.70 per liter.
DOE Oil Industry Management Bureau Assistant Director Rodela Romero said that the adjustments are based on the four-day trading on the Mean of Platts Singapore or MOPS, a measure used by the oil industry that shows the daily average of all trading transactions between buyer and seller of fuel products as assessed and summarized by Standard and Poor's Platts.
The DOE said the rollback comes amid worries about oversupply in global markets as US crude inventories grew by 0.8 million barrels last week.
Romero said it is affected by the possibility that the Kingdom of Saudi Arabia could raise its output and expand market share.
Last Tuesday, the price of gasoline increased by P1.35 per liter, diesel by P0.80, and kerosene by P0.70.
This followed the price adjustments on April 22, when oil firms increased the prices of gasoline by P1.35 per liter, diesel by P1.30, and kerosene by P1.10.
The most recent price cut of fuel was made during the Holy Week, when the prices of gasoline, diesel and kerosene were slashed by as much as P3.00 per liter.
The official price adjustments will be announced by oil firms on Monday, May 5 and will be implemented the following day.