Phoenix Petroleum Philippines led the latest price rollback of as much as P1.10 per liter effective 6 am Sunday.
“For the 4th straight week and for motorists to enjoy lower pump prices for the long weekend, Phoenix Petroleum Philippines will decrease the prices of gasoline by P1.10 per liter and diesel by P1 per liter effective 6 am of 04 November 2018,” the company said in its advisory.
Other oil companies are expected to follow suit.
On Nov. 1, the oil firms cut cooking gas or liquefied petroleum gas (LPG) prices by a hefty P7.50 per kilo or P82.50 per 11-kilo LNG tank effective 12:01 am Nov. 1 to reflect the lower contract price of LPG in the world market for November.
The oil firms also cut auto LPG prices by P4.20 per liter.
The huge rollback for LPG followed the big-time rollback implemented by the oil companies early in the week of as much as P1.50 to P1.65 per liter for gasoline, P0.60 per liter for diesel and P0.65 per liter for kerosene.
Year-to-date adjustments prior to the rollback implemented by Phoenix are now at a net increase of P8.70 per liter for gasoline, P10.60 per liter for diesel and P9.60 per liter for kerosene.
The Philippines imports more than 90 percent of its fuel requirements thus it is exposed to price volatilities in the world market.
World oil prices have declined recently but the market remains positive on the supply security due to the several developments, the Department of Energy said in its monitoring report.
It said oil prices continued the downward trend after reports of strong build in US crude stockpiles and increased confidence about the availability of supplies towards the end of the year and into early 2019.
Traders also noted that Iran’s exports have not declined as much as predicted a couple of months ago and it is now clear they will not fall to zero, even after US sanctions are imposed against Iran.
