MANILA, Philippines - Motorists welcomed another week of lower fuel prices as oil companies implement price cuts on fuel products for the seventh consecutive week on Tuesday.
Eastern Petroleum Corp. on Monday decreased gasoline and diesel prices by P0.50 per liter and P1.00 per liter, respectively, at 6 p.m. yesterday.
The price rollback is expected to continue in August, said Eastern Petroleum chairman and chief executive officer Fernando Martinez.
“Global oil prices continued its downward trend at the end of last week’s trading. And the oversupply situation and continuous downward trend in world oil prices pressure local pump prices to go down further. Analysts also believe world oil prices will rebound towards the end of the year at an average of $60 to $69 per barrel,” Martinez said.
Pilipinas Shell Petroleum Corp., the local subsidiary of energy giant Royal Dutch Shell, said its price cut took effect past midnight of Tuesday.
“Please see fuel price movement of Shell effective 00:01H, Aug. 4, 2015. Gas: P0.40 per liter decrease, kerosene: P0.70 per liter decrease, and diesel: P0.90 per liter decrease,” it said in a text advisory.
Petron Corp., the country’s largest oil refiner and retailer, also reduced fuel prices past midnight today.
In its advisory, Petron said it implemented price rollbacks of “P0.40/L for Blaze 100, XCS, Xtra Advance and Super Xtra, P0.90/L for Turbo Diesel and DieselMax and P0.70/L for kerosene.”
Meanwhile, the price adjustments implemented by Phoenix Petroleum Philippines Corp. and PTT Philippines on diesel and gasoline prices took effect 6 a.m. today.