For the 8th consecutive week, oil companies slashed prices of petroleum products.
In separate advisories, Pilipinas Shell, Seaoil, Flying V, Eastern Petroleum Corp. and Phoenix Petroleum announced the rollback, which will take effect Tuesday.
Price of diesel and gasoline will be cut by 45 centavos per liter while kerosene will be slashed by a peso per liter.
Fernando Martinez, Eastern Petroleum chairman and chief executive officer, attributed the rollback to the continuous downward trend in world oil prices at the end of last week’s trading.
“The oversupply situation and downward trend in world oil prices continue to pressure local pump prices to go down further,” Martinez said in a statement.
He added that analysts also believe world oil prices will rebound toward the end of the year at an average of $60 to $69 per barrel.
Last week, oil firms cut pump prices by 90 centavos per liter for diesel, 40 centavos per liter for gasoline and 70 centavos per liter for kerosene.
Since June 23, oil companies have reduced diesel prices by P3.95 per liter and gasoline by P3.61 per liter.
No fare rollback
Despite continuous drops in prices of petroleum products, the Land Transportation Franchising and Regulatory Board (LTFRB) also on Monday said there is no petition for a fare rollback.
“None as of today,” LTFRB Chairman Winston Ginez said in a text message.
Last year, the LTFRB granted petitions for a reduction of one peso in the minimum fare for a jeepney ride because of continued downtrend in oil prices.
At present, the minimum fare for public utility jeepneys (PUJs) is P7.50.
Many jeepney drivers, however, collect P8 from passengers because of alleged “shortage of 25-centavo coins.”
PNR new train schedule
The Philippine National Railways (PNR) has implemented a new schedule in its Tutuban-Alabang service starting on Monday.
According to PNR, the Tutuban-Alabang route will operate from 5:05 a.m. until 7:05 p.m. while the Alabang-Tutuban route will operate from 5:30 a.m. until 7:30 p.m.
The complete schedule can be found at PNR’s official website and social media accounts.
PNR resumed limited operations last July 23 after a two-month suspension.
It had to halt operations after a train got derailed last April 29 in Magallanes, Makati City (Metro Manila).
The railway management said safety concerns identified by third-party consultant TUV Rheinland have been satisfactorily addressed.
PNR was initially set to resume operations last June 15 to accommodate increase in passenger traffic with the opening of the school year.
Trial runs were conducted several times last month. The rail system has undergone repairs — anti-theft screws, for example, were put in place.