ANOTHER price reduction in petroleum products is expected to take effect on Tuesday, an oil firm said.
Eastern Petroleum Corp. Chairman Fernando Martinez said another round of reduction in diesel and gasoline prices may take effect next week.
At the end of Thursday’s trading, Martinez said, diesel and gasoline prices may decrease by close to a peso and more than 50 centavos, respectively.
“World oil prices continue to be low owing to the oversupply situation of petroleum products in the world oil market. And while analysts have earlier indicated that prices may remain stable at low levels up to August, 2015, September prices are seen to be on the uptrend. But motorists can rest assured that Eastern Petroleum’s pump prices will be reflective of world oil prices,” Martinez said.
If and when this happens, this will be the seventh consecutive price rollback.
Last August 1, the price of liquefied petroleum gas (LPG) also went down.
Eastern Petroleum’s EC Gas is now sold cheaper by P1.10 per kilogram (kg), or P12.10 for an 11-kg cylinder.
Martinez said the latest price reduction reflects the downtrend in international contract price of LPG in July.
In July Eastern Petroleum also reduced the price of its EC Gas by P4 per kg or P44 for an 11-kg cylinder.
Separately, Petron Corp. announced a price rollback by P1.20 per kg for its Gasul and Fiesta Gas, and P0.67 per liter for its Xtend Auto LPG.
“These reflect international LPG contract prices for the month of August,” Petron said.