Local oil firms lowered their pump prices for diesel and kerosene on Saturday as market concerns on possible supply disruptions in the Middle East and Africa eased following United Nations intervention to get Syria to relinquish its chemical weapons.
Oil prices extended losses in Asian trade Friday as investors took profits after a recent rally.
By Riza T. Olchondra
A substantial drop in gasoline prices with smaller rollbacks for diesel and kerosene will take place Monday morning amid a stronger peso and easing market jitters over the turbulence in Syria.
Oil prices were mixed in Asian trade Friday as dealers monitor diplomatic efforts to make Syria give up its chemical weapons and avert a US-led military attack, analysts said.
Oil prices rose in Asian trade Thursday as US President Barack Obama cleared the first legislative hurdle in his race to win congressional backing for military strikes on Syria.