OIL firms slashed anew the prices of petroleum products, the fourth time this month.
Eastern Petroleum Corp. was the first to implement a price rollback in gasoline and diesel by P0.65 and P0.55 per litter, respectively, effective at 6 p.m. on Monday.
Fernando L. Martinez, Eastern Petroleum chairman and chief executive, 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 its current low levels up to August 2015. Thus, motorists can rest assured that local pump prices will be reflective of the price trend in the world oil market. However, prices for September appears to be on the upswing,” Martinez said.
Petron Corp., for its part, said it will implement a P0.60-per-liter reduction in gasoline and diesel. The price of kerosene, meanwhile, will go down by P0.45 per liter effective on July 28.
Phoenix Petroleum and PTT Philippines will implement the price rollback at 6 a.m. of July 28. They said separately that it will slash diesel and gasoline prices by P.60 per liter, respectively.
Seaoil, likewise, is going to implement a P0.60-per-liter cut in gasoline and diesel and P0.45 per liter for kerosene effective 12:01 a.m. of July 28.
The oil firms said the price rollback reflects the movement in the international petroleum market.