OIL companies are set to lower prices of petroleum products on Tuesday.
In separate advisories, Pilipinas Shell, PTT Philippines, Eastern Petroleum Corp., Phoenix Petroleum Philippines, and Seaoil said they will reduce diesel prices by 30 centavos per liter.
Gasoline prices will be lowered by 40 centavos per liter and kerosene, 45 centavos per liter.
Eastern Petroleum implemented the roll back at 6 p.m. on Monday. Seaoil, PTT Philippines, Shell, and Phoenix Petroleum will roll back pump prices at 6 a.m. on Tuesday.
Fernando Martinez, Eastern Petroleum chairman and chief executive officer (CEO), said the latest price adjustment reflects the downward trend in world oil prices at the close of last week’s trading.
“Analysts expect oil market to remain bearish, which could really hurt demand and world oil prices,” he said.
Martinez said with oil trading near its six-year lows, the healthy demand has prevented prices from dropping further amid the worsening oil glut due to oversupply.
Last week, oil firms increased diesel prices by 75 centavos per liter and 35 centavos per liter for gasoline.
RITCHIE A. HORARIO