Oil firms lower pump prices this week

MANILA, Philippines — Oil firms led by Phoenix Petroleum Philippines are implementing significant gasoline price cuts, reflecting lower global oil prices.

Phoenix said it implemented a price cut of P1.30 per liter on gasoline products starting at noon yesterday.

The price reduction ahead of other oil firms, it explained, is “to provide the public a longer period to avail of cheaper fuels.”

Other oil companies have yet to announce their respective price adjustments, which usually take effect on Tuesday.

This is the second consecutive week motorists will enjoy lower pump prices.

International oil prices ended the volatile trading week lower due to concerns over trade tensions between the US and China, two of the world’s biggest consumer of oil.

This as US President Donald Trump said he is not rushing to sign a trade deal with China with a new set of tariffs imposed on Chinese goods.

Last week, oil firms reduced gasoline prices by P0.90-P1 per liter, diesel by P0.80 per liter and kerosene by P0.80 per liter.