Danessa Rivera (The Philippine Star)
- May 5, 2019 - 12:00am
MANILA, Philippines — Oil companies
led by Phoenix Petroleum Philippines Inc. announced significant price cuts on
fuel products.
Phoenix said it reduced gasoline
prices by P1 per liter and diesel prices by P0.80 per liter starting 6 a.m.
yesterday.
This is “to provide the public a
longer period to avail of cheaper fuels,” Phoenix said.
Meanwhile, Petro Gazz
said it will implement a rollback of P1 per liter in gasoline prices and P0.80
per liter in diesel prices effective 6 a.m. Monday.
Other oil companies
have yet to announce their respective price adjustments.
The rollback on pump
prices comes after four consecutive weeks of increases.
During the past trading
week, oil prices recorded a weekly decline after the US reported higher crude
inventories, the highest since September 2017.
The fall of
international oil prices was tempered by the ongoing supply cuts by the
Organization of the Petroleum Exporting Countries and talks on further
extending the production cuts.
Last
week, oil firms raised gasoline prices by P0.75 per liter, diesel by P0.80 per
liter and kerosene by P0.90 per liter.
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