MANILA, Philippines — Oil companies, led by Phoenix Petroleum Philippines, have reduced pump prices in step with the decline in global crude prices in the past trading week.
Phoenix Petroleum said it reduced gasoline prices by P0.50 per liter and diesel by P1.10 per liter effective 2 p.m. yesterday.
Cleanfuel will implement the same cut at 4 p.m. today.
In another advisory, Caltex Philippines said it would lower gasoline prices by P0.55 per liter, diesel by P1.10 per liter and kerosene by P1.30 per liter starting 12:01 a.m. on Tuesday.
Other oil firms have yet to announce their price reductions.
Global oil prices fell for most of the trading week – even tumbling to a seven-month low – due to the escalating US-China trade war, Reuters reported.
The 2.4-million barrel buildup in US crude stockpiles also weighed down oil prices.
However, the worsening trade war between the US and China supported expectations that the Organization of Petroleum Exporting Countries could lead to more production cuts.
Last week, oil companies did not implement price changes.
Department of Energy data showed year-to-date adjustments stand at a net increase of P5 per liter for gasoline, P3.95 per liter for diesel and P2.15 per liter for kerosene.