MANILA, Philippines - Motorists will continue to enjoy low fuel prices as oil companies reduce pump prices anew due to an oversupply in the international oil market.
Independent oil player Eastern Petroleum Corp. was first to cut fuel prices at 6 p.m. yesterday, reducing diesel prices by P0.95 per liter and gasoline by P0.60 per liter.
The latest price adjustment reflects the current downward trend of oil prices in the world market, Eastern Petroleum chairman and CEO Fernando Martinez said in a statement.
“Oil prices will continue to defy experts’ expectations,” he said, stressing that analysts believe oil prices in the long term cannot be predicted.
Petron Corp., the country’s largest refiner, rolled back pump prices today.
“Petron will roll back the prices of the following products effective 12:01 a.m., Jan. 26: P0.60/li for Blaze 100, XCS, Xtra Advance and Super Xtra, P0.90/li for Turbo Diesel and DieselMax, and P1.10/li for kerosene,” Petron said.
Similar price adjustments implemented by Pilipinas Shell Petroleum Corp. and by SeaOil Philippines Inc. took effect at 6 a.m.
Phoenix Petroleum Philippines Inc. implemented similar price reductions on diesel and gasoline products 6 a.m. today.
The lower prices reflected the continued downward price movements of petroleum products in the world market mainly due to oversupply, Phoenix said.
Other oil firms have yet to announce their price adjustments.
So far, gasoline prices have been reduced for the third straight week, while diesel and kerosene prices were cut for the fourth straight week.
On average, the latest price adjustment resulted in a net reduction of P1.60 per liter for gasoline, P3.20 per liter for diesel and P3.30 per liter for kerosene.