MOTORISTS welcomed at the weekend another round of lower pump prices for the sixth consecutive week.
Phoenix Petroleum took the lead when it implemented noon of Saturday a P1.30 per liter price cut in gasoline and a P1 per liter reduction in diesel.
Unioil followed suit. It implemented the same price rollback for gasoline and diesel at 6:01 a.m. of Sunday.
“This is due to the changes in the international oil market,” it said.
Other oil firms are expected to announce their respective price adjustments by Monday.
The latest oil-price rollback of Phoenix Petroleum brings the decline in gasoline prices by P9.35 per liter and diesel by P5.6 per liter.
The Department of Energy (DOE) said the Asian gasoline market is weak and will likely remain so for the rest of the year due to excess supply in the market.
Based on a report, it said that gasoline prices continued its retreat, and looked set to fall further, dragged lower by a falling crude complex and pressured under the weight of the gasoline supply overhang.