Fuel prices slashed further

MANILA, Philippines — Phoenix Petroleum Philippines Inc. has reduced its fuel prices by more than P1, ahead of other oil companies.

The oil company led by Dennis Uy rolled back gasoline prices by P1.30 per liter and diesel by P1.10 per liter at noon yesterday.

Unioil Philippines announced on its Twitter account that another price rollback is expected next week.

“Diesel should decrease by P1.10-1.20 per liter while gasoline should decrease by P1.20-1.30 per liter,” it said.

Based on the movement of international oil prices, the Department of Energy (DOE) said motorists could expect another round of fuel price cuts for the sixth straight week.

DOE Undersecretary Felix William Fuentebella said that among the reasons for the decrease are the higher US crude inventories for the eighth straight week, implementation of US sanctions against Iran’s oil customers last Nov. 5, and the stronger US dollar weighing on oil prices and demand.

The DOE monitoring noted Saudi energy minister Khalid al-Falih’s statement that OPEC and its non-OPEC partners may need to cut one million barrels per day of production from October levels to avoid a supply glut in early 2019.