Thailand-based PTT Philippines also reduced the pump prices of its gasoline products to match the price rollback implemented by its competitors.
In a statement, PTT Philippines said they are reducing by P1.50 per liter the prices of their gasoline and P1 per liter for their diesel products.
It attributed the price adjustment to lower international prices and market competition.
Earlier, major oil players Pilipinas Shell Petroleum Corp., Petron Corp., Chevron Philippines, Seaoil Philippines and Phoenix Petroleum implemented the same price reduction.
PTT Philippines has 34 retail stations in the country and has an ongoing construction of 16 additional stations this year.
PTT Philippines, a subsidiary of PTT Public Co. Ltd. (PTTPCL) of Thailand, is targeting to build 200 stations in the country in the next eight to 10 years or a total investment of P3 billion.
In Thailand, the government-owned PTTPCL operates some 1,200 stations. It also runs five of the six refineries there.(PNA)