Gas, diesel prices cut again
MANILA, Philippines — Oil companies are implementing another round of big time price cuts as global crude prices continued to tumble.
Phoenix Petroleum Philippines led price cuts with a reduction of P1.20 per liter on gasoline and P0.75 per liter on diesel, effective yesterday morning.
Cleanfuel said it would also roll back diesel and gasoline prices in the same amount effective 4:01 p.m. today.
Other oil companies have yet to announce their respective price cuts, which usually takes effect on Tuesday.
This is the second straight week oil firms reduced pump prices.
Global oil prices rose at the start of the trading week on hopes that a deal among the Organization of Petroleum Exporting Countries (OPEC), Russia and other members of an alliance could deliver deeper production cuts.
However, talks between major oil producers crumbled as Russia rejected OPEC’s proposal, which drove oil prices to their lowest since July 2017, Reuters reported.
- Latest
- Trending
