Oil firms are expected to cut pump prices of their products by no less than 50 centavos per liter on gasoline next week as global prices continue to tumble due to oil glut in the international market.
In an advisory, Eastern Petroleum president and chief executive officer Fernando Martinez said that diesel and gasoline (per liter) prices may decrease by close to a peso and more than 50 centavos.
He noted that world oil prices continue to be low until August — due to the oversupply situation in the market.
However, Martinez said that oil prices for September delivery is expected to go up.
He assured motorists that the company will reflect the movements in international markets.
Last week, oil companies reduced prices for both gasoline and diesel products by 60 centavos per liter.
According to the Department of Energy’s (DOE’s) oil price monitor as of July 21, a liter of diesel has a prevailing price between P25.90-29.15 in Metro Manila. It also has a common price of P26.65 per liter.
Gasoline, on the other hand, has a prevailing price of P39.70-45.95 per liter in the National Capital Region. However, it has a common price of P44.45.