OIL companies will rollback prices before the end of February, estimates from the Department of Energy said.

According to the DOE, the prices of diesel and kerosene will be reduced by from P0.90 to P1.10 per liter.

On the other hand, gasoline prices are expected to go down by P0.60 to P0.80. 

This marked the third time that pump prices will decrease for this year.

The DOE said that despite the initial rollback to start the year, oil prices have relentlessly spiked due to tensions in the Middle East.