FOR the fourth consecutive week, oil companies on Monday reduced prices of petroleum products.
The first to announce its price adjustment was independent player Eastern Petroleum Corp., which will roll back prices effective 6 p.m., Monday.
Eastern Petroleum lowered diesel prices by 55 centavos per liter and 65 centavos per liter for gasoline.
Other oil firms are set to reduce prices between 12:01 a.m. and 6 a.m. on Tuesday.
In its advisory, Petron is set to roll back prices of its diesel and gasoline by 60 centavos per liter on Tuesday.
Its kerosene prices will be reduced by 45 centavos per liter.
Fernando Martinez, Eastern Petroleum chairman and chief executive officer, said oversupply of petroleum products in the world market continues to soften world oil prices.
“Analysts have indicated that prices may continue to remain stable at [their]current low levels up to August, 2015,” Martinez added.
He said motorists can rest assured that local pump prices will be reflective of the price trend in the world oil market.
Martinez, however, added that prices for September appear to be on the upswing.
For July, gasoline prices have been lowered by a total of P2.15 and P3.20 for diesel.
Reacting to the oil price rollbacks, transport group Pasang Masda said the price adjustments are still not enough.
Pasang Masda national president Obet Martin said they will only move for fare reduction if the price of diesel reaches P24 per liter.
“We will voluntarily lower jeepney fare to P7 if diesel price will reach P24 per liter,” he told dzAR Sunshine Radio in an interview.
At present, diesel prices range from P26.75 to P27.25 per liter.