Another oil price rollback takes effect this week.

Oil firms announced Monday a P1 per liter price reduction for gasoline, P0.35 per liter for diesel, and P3 per liter for kerosene.

The third oil price rollback for the year takes effect Tuesday morning, April 12.

Seaoil, PTT, Shell, Petron, Caltex, Total, Unioil, and Phoenix will implement their price rollback at 6 a.m. For Cleanfuel, the price reduction takes effect at 8:01 a.m. Other oil firms have yet to announce as of press time.

Last week, gasoline price was reduced by P2.30 per liter, diesel by P1.85 per liter and kerosene by P1.65 per liter.

These resulted in the year-to-date adjustments to stand at a net increase of P16/liter for gasoline, P26/liter for diesel and P24.10/liter for kerosene.

Oil firms adjust their pump prices every week to reflect movements in the world oil market.

Asian oil price benchmark Dubai crude has declined after member- nations of the International Energy Agency announced the release of 60 million barrels over the next six months.