MANILA, Philippines — Phoenix Petroleum Philippines Inc. implemented yesterday the first wave of massive fuel price cuts ahead of other oil companies.
In a text advisory, Phoenix Petroleum said it reduced prices of gasoline by P1.10 per liter and diesel by P2.20 per liter starting at noon yesterday.
Meanwhile, Unioil Philippines Inc. announced on its Twitter account that the price rollback expected next week would amount to P2.30-2.40 per liter for diesel and P1.10-1.20 per liter for gasoline.
Shell Philippines announced it would reduce gasoline prices by P1.10 per liter, diesel by P2.30 per liter and kerosene by P2.10 per liter starting Tuesday morning.
Other oil companies have yet to announce their respective price reductions as of press time.
The Department of Energy (DOE) said the seventh consecutive week of pump price reduction is due to global oil prices falling to their lowest level this year.
International oil prices started the past trading week with an over six percent slide amid perceived global economic slowdown. It recovered mid-week but fell to its lowest for the year on Friday as the US pumped more supply in the system.
Based on its oil monitoring, the DOE said US crude inventories rose to its highest level since December 2017 due to concerns of an emerging global glut.
The agency noted that Organization of the Petroleum Exporting Countries (OPEC) is considering a supply cut during its meeting on Dec. 6, tempering the price drop.
Prior to adjustments, oil firms rolled back gasoline prices by around P8 per liter, diesel by P6.20 per liter and kerosene by P5 per liter for six successive weeks.
This further trimmed year-to-date increases at P2.60 per liter for gasoline, P6 per liter for diesel and P5.63 per liter for kerosene.