Oil companies are implementing a reduction in the price of oil products at the pumps beginning past midnight Monday.
Seaoil reduced by P0.70 per liter the price of its gasoline and diesel products and by P0.85 for its kerosene.
Cleanfuel, Jetti and Phoenix Petroleum also similarly reduced by P0.70 per liter their gasoline and diesel offerings.
Effective at the same time are Caltex (CPI) fuel products whose Platinum and Silver gasoline brands and its diesel are P0.70 per liter cheaper and its kerosene by P0.85 per liter.
The adjustments are driven by continued apprehension over weak global economic activities resulting in lower demand for fuel.
Data from the Department of Energy (DOE) show the price per liter of gasoline (RON95) at P61.35, diesel at P55.60 and kerosene at P68.63.
Year-to-date adjustments show a net decrease of P3 per liter for diesel and P5.15 per liter for kerosene but a net increase of P6.55 per liter for gasoline.
Reuters reported Brent crude futures for August delivery at $74.90 per barrel and US West Texas intermediate crude at $70.64 a barrel.
Analysts said interest rates in key economies as well as slower than expected recovery in China manufacturing and consumption are putting pressure on the global consumption of oil.
