Davao-based oil player Phoenix Petroleum Philippines led the latest oil price rollback of as much as P1.30 per liter starting noon Saturday, the sixth consecutive weekly rollback to reflect the movement of world oil prices.
Phoenix announced the rollback of P1.30 per liter for gasoline and P1.10 per liter for diesel while other oil companies were expected to follow suit.
READ: Oil price rollback: P1.10/liter
This latest rollback comes even as the government has decided to suspend the implementation of the second phase of the excise tax by January 2019 as part of the government’s ongoing tax reform program.
Prior to this latest rollback, year-to-date adjustments as monitored by the Department of Energy are now at a net increase of P3.90 per liter for gasoline, P7.10 per liter for diesel and P6.43 per liter for kerosene.
Gasoline in Metro Manila currently sells from P45.70 to P59.30 per liter while diesel sells from P41.50 to P50.29 per liter.
World oil prices have been on a downward trend these past weeks amid ample supply but a weak market.
DoE monitoring showed that gasoline prices have been falling due to supply overhang.
The oil firms also cut prices gasoline prices by P2.30 to P2.50 per liter and diesel by P2 per liter last week