Phoenix Petroleum Philippines led the latest round of oil price cut by implementing a price rollback of P0.65 per liter for gasoline and P0.35 per liter for diesel effective Feb. 2 to reflect the movement of world oil prices.
Other oil companies are expected to follow suit. Oil companies historically implement the oil price adjustment every Tuesday.
In an advisory, it said it would increase the price of its EC Gas LPG by P3.40 per kilogram or P37.40 for an 11-kilo tank.
World oil prices declined after reports of an increase in US crude drilling, which showed potential supply increase.
The continuing trade war between the US and China also impacted on investor confidence.
“Expect fuel prices to decrease next week. Diesel should go down by P0.30 to P0.40 and gasoline should go down by P0.60 to P0.70 per liter,” Unioil Philippines said in its advisory on Saturday.
The price rollback put an end to the four consecutive oil price increases implemented by the oil companies.
On Jan. 29, the oil firms raised the price of diesel by P0.55 per liter, gasoline by P0.20 per liter and kerosene by P0.40 per liter to reflect the movement of world oil prices, triggered by the Venezuela supply unrest which could curb supply.
While gasoline and diesel prices declined, Isla LPG and Petron Corp. announced an increase in the price of liquefied petroleum gas or cooking gas to reflect the increase in the contract price of LPG for February.
READ: Isla, Petron hike LPG prices by over P3/kilo, P42 per tank
Petron raised the price of its Gasul brand of LPG by P3.38 per kilo while Isla LPG which markets the Solane brand increased by P3.41 per kilo effective Feb. 1.
The oil firms adjust LPG prices on a monthly basis.
