Oil price rollback seen this week

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.