OIL firms will slash gasoline prices by 40 centavos per liter and diesel prices by 30 centavos per liter early morning today.

In separate advisories, Pilipinas Shell Petroleum Corp., Seaoil Philippines Inc., PTT Philippines said they will roll back the rates at 6 am. Eastern Petroleum Corp. implemented a similar cut at 6 pm on yesterday.

PSPC and SPI added they will also cut kerosene products by 45 centavos per liter.

Eastern Petroleum chairman and chief executive officer Fernando Martinez noted that analysts still “expect the oil market to remain bearish,” adding it could affect demand and global oil prices.

He also said amid the oversupply and oil trading nearing its six-year lows, healthy demand had stopped prices from dropping further.