Phoenix Petroleum Philippines cut the price of gasoline by P0.35 per liter effective 6 a.m. Sunday to reflect the movement of oil prices in the world market.
“Phoenix Petroleum Philippines will decrease the prices of gasoline by P0.35 per liter and diesel by P0.45 per liter effective 6 a.m. of 26 May 2019,” the company said.
Phoenix implemented the price cut ahead of its competitors, who usually adjust prices every Tuesday.
READ: Oil prices cut by P1.30/liter
Unioil Philippines also announced the consumers should expect “fuel prices to go down next week.”
“Diesel should go down by P0.50 and gasoline should go down by P0.40,” Unioil said.
The Philippines imports over 90 percent of its oil requirements.
Analysts attributed the rollback to the continuing United States-China trade conflict, which could dampen demand. The ample US crude stockpile also affected world oil prices.
On May 21, local oil firms raised the price of gasoline and diesel by P0.90 per liter and P0.80 per liter, respectively. They also raised the price of kerosene by P0.75 per liter.
Oil prices went up last week amid a threat of tightening oil supplies, led by geopolitical issues in the Gulf. Oil prices also rose after top exporter Saudi Arabia said explosive-laden drones launched by a Yemeni-armed movement aligned to Iran had attacked facilities belonging to state oil company Aramco.
According to the Department of Energy, year-to-date adjustments stand at a net increase of P7.55 per liter for gasoline, P6.20 per liter for diesel and P4.60 per liter for kerosene.
DOE data showed that gasoline sells from P46.15 to P63.16 per liter in Metro Manila, and diesel is sold from P46.04 to P59.70 per liter.
Pump prices vary depending on the brand, location of the station, and market forces.
