Phoenix Petroleum Philippines led the latest oil price rollback of P1 per liter for gasoline and P0.80 per liter for diesel effective 12 noon Saturday to reflect the movement of oil prices in the world market.
Phoenix implemented the rollback a few days ahead of its competitors, which usually implement the weekly price movement every Tuesday.
“To provide the public with longer period to avail of cheaper fuels, Phoenix Petroleum Philippines will decrease the prices of gasoline by P1 per liter and diesel by P0.80 per liter effective 12 noon of May 4,” the oil company said.
Seaoil Philippines followed suit, implementing the rollback on Sunday, 12:01 a.m. Seaoil also cut kerosene prices by P0.80 per liter.
PetroGazz, for its part, said it will rollback prices effective 6 a.m. Monday. Other oil companies are expected to follow suit.
The rollback ended four consecutive oil price increases in the past weeks. World oil prices softened as concerns of tight supply eased. The increase in US crude stockpiles offset of tight oil supply.
Prior to the rollback, data from the Department of Energy showed diesel prices range from P41.94 to P46.25 per liter, while gasoline prices range from P53.00 to P59.96 per liter.
Year-to-date adjustments stood at a net increase of P8.05 per liter of gasoline, P5.40 per liter of diesel and P4.05 per liter of kerosene, according to DOE.