The price cut by Eastern Petroleum followed the announcement made by oil giants Petron Corp. and Pilipinas Shell Petroleum Corp., which are set implement on Friday a P1 per liter rollback in the pump prices of their gasoline, diesel and kerosene. 

 

Oil companies said the series of reductions was in light of the continuing softening of world oil prices. 

 

This is the 11th rollback implemented by oil companies since July 31 and the second P0.50 per liter rollback by Eastern Petroleum in three days.  

 

Eastern Petroleum and Seaoil Philippines Inc. implemented a P0.50 per liter reduction in their pump prices Wednesday.

 

The pump prices of gasoline and diesel have been brought down by P10.50 and P9.50, respectively, or close to 20 percent cut in 45-day period.