The oil companies rolled back pump prices by as much as P0.20 per liter this week to reflect the movement of world oil prices.
They cut the price of gasoline by P0.20 per liter and kerosene and diesel by P0.10 per liter effective 6 a.m. today, Tuesday.
“Phoenix Petroleum will decrease the prices of diesel by P0.10 per liter and gasoline by P0.20 per liter effective 6 a.m. on November 26,” the company said.
World oil prices declined as traders expressed concern over the slow pace of the US-China trade negotiations.
The other oil firms that announced price cuts were Pilipinas Shell Petroleum Corp., PTT Philippines and Seaoil Philippines, while the others were expected to follow.
On Nov. 19, the oil firms raised the price of gasoline by P0.80 per liter but implemented price rollbacks for diesel of P0.30 per liter and P0.20 per liter of kerosene.
On Nov. 12, the oil firms also raised the price of gasoline by P0.85 per liter but rolled back the prices of diesel by P0.15 per liter and kerosene by P0.10 per liter.
On Nov. 3 and 5, most of the oil companies implemented price cuts of P0.10 per liter of gasoline, P0.25 per liter of diesel and P0.10 per liter of kerosene.