Major Philippine oil firms have announced that prices of their fuel products are set to significantly drop on Tuesday, June 11, 2019. According to Pilipinas Shell, the price of its gasoline-based products will decrease by P2.45 per liter.
Other oil firms, like PTT, Total, and Unioil are expected to implement similar price adjustments as well. These adjustments will be made effective on June 11 at 6 AM.
Seaoil and Phoenix Petroleum implemented their pump price reduction over the weekend.
This price reduction comes at the heels of another reduction of P1.70 per liter for gasoline-based products just last week.
The price reduction is in response to a reduction in global oil prices due to rising supply in the market over fears of slowing demand.