The three major oil firms will roll back gasoline prices by an average of 30 centavos per liter and those of diesel and kerosene by 20 centavos per liter starting today.
Petron Corp. will cut prices at noon but Pilipinas Shell Petroleum Corp. and Caltex Philippines Inc. implemented the rollback as early as 6 a.m.
Rey Gamboa, Shell vice president, said fuel prices were reduced following the direction taken by Dubai crude which has been weakening in the world market.
"We shall be monitoring movements of crude prices after the scheduled Nov. 14 meeting of the Organization of Petroleum Exporting Countries (OPEC)," he said.
The OPEC is set to cut production to arrest the drop in world crude prices.
"The impact of prices on the world oil market and the prevailing foreign exchange of the peso visa-a-vis the US dollar would be the basis of reviewing domestic oil prices during the coming weeks."
Since October this year, there has been a total price rollback of 94 centavos per liter in the country as the price of crude slipped by nearly a dollar per barrel.
As of Oct. 31, Dubai crude was pegged at $18.9 per barrel.
Its average for the whole of October was a low $19.63 per barrel as compared to September’s average of $24.53.
The foreign exchange rate averaged P51.76 to the dollar this month.
It is the eighth fuel price rollback, although three price hikes were recorded this year.
The new prices per liter of Caltex products are: Vortex Gold, P17.43; Vortex Silver, P16.87; Regular, P16.01; diesel, P13.54; and kerosene, P13.19.
Shell products: Velocity, P18.16; Super Premium, P17.67; unleaded, P17.14; and diesel, P13.62.
Petron products: Blaze, P18.28; XCS, P17.88; unleaded, P17.23; diesel, P13.75; and kerosene, P13.45.