Oil, cooking gas prices rolled back.
PETROLEUM and cooking gas prices dropped over the weekend.
Phoenix Petroleum initiated a price rollback of P2 per liter for gasoline and diesel, respectively, effective noon of Saturday, December 1.
Seaoil Philippines announced on Sunday that it will implement a P2 per liter price cut in gasoline, P2.10 per liter in diesel and P2 per liter in kerosene at 6 a.m. of Monday, December 3.
The oil firms that will reduce their pump prices on Tuesday, December 4, are Petro Gazz and Pilipinas Shell.
Petro Gazz will implement a P2 per liter cut for both gasoline and diesel, while Shell announced a P2 per liter price rollback for gasoline, P2.10 per liter for diesel and P2 per liter for kerosene.
Other oil firms are expected to follow suit.
The fuel price rollback is on its eighth consecutive week, bringing overall price reduction in gasoline anywhere between P12.05 and P12.20 per liter, and between P10.45 and P10.65 per liter for diesel for the past two months.
'This is to reflect movements in the international petroleum market,' Seaoil said.
There is a perceived oversupply of petroleum products in the world market, according to the monitoring unit of the Department of Energy (DOE). Oil firms also rolled back prices of liquefied petroleum gas (LPG) over the weekend.
Petron Corp. said its Gasul and Fiesta Gas prices went down by P6.40 per kilogram, or P70 per 11-kg cylinder or tank. Petron's auto LPG prices also declined by P3.50 per liter. Solane said it reduced LPG price by P6.36 per kg.
Eastern Petroleum's EC Gas LPG price also went down P6.50 per kg, or P71.50 per 11-kg cylinder.