After a major hike last week, prices of fuel products sold at the pump will dip starting 25 October.

Oil companies on 24 October announced prices of diesel will decrease by P1.10 per liter, gasoline by P0.35 per liter and kerosene by P0.45 per liter.

The Energy Department said in its oil monitoring advisory that oil prices were on a "volatile ride this week after retreating from a more than one-month high hit on October 7 as the market refocused on demand concerns amid global recession risks."

As of 20 October, the price per liter of gasoline ranges from P61.05 to P71.70 in Quezon City, Metro Manila's largest city.

Diesel prices per liter, meanwhile, range from P77.50 to P83.80 in Makati City, the country's top financial hub.

In Manila, kerosene per liter sells from P80.15 to P89.4. – Maria Romero