Phoenix Petroleum Philippines led the latest oil price rollback of P1.10 per liter effective 2 p.m. Saturday to reflect the movement of world oil prices.
“Phoenix Petroleum Philippines will decrease the prices of gasoline by P0.50 per liter and diesel by P1.10 per liter effective 2 p.m. Aug 10,” the company said.
Phoenix implemented the rollback ahead of its rivals. Seaoil Philippines announced a rollback of P1.10 per liter for diesel, P0.50 per liter for gasoline and P1.30 per liter for kerosene.
Chevron Philippines, which markets the Caltex brand, announced the hefty oil price rollback of P1.10 per liter for diesel, P0.55 per liter for gasoline and P1.30 per liter for kerosene effective 12:01 a.m. Aug. 13.
PetroGazz will also implement its own price cut effective 6 a.m. Tuesday of P1.10 per liter for diesel and P0.50 per liter for diesel.
World oil prices moved downward last week due to expectations of softening of demand due to the ongoing US-China trade war.
The International Energy Agency reported last week that it expects oil demand to reach 1.1 million barrels per day this year, lower by 100,000 barrels per day forecast.
Last week, however, the oil firms did not move domestic oil prices.
On July 30, the oil firms cut the price of gasoline by P0.95 per liter but raised the price of diesel by P0.15 per liter and P0.10 per liter.
As this developed, Energy Secretary Alfonso Cusi said last week that in spite of the injunction issued against the unbundling circular, the Department of Energy is looking at legal ways to inform the public on the computation of pump prices.
“We did all the process, we did the PubCon, now despite all of those, there is an injunction. We’ll just have to find legal ways on how to properly inform the public…That’s the right of the affected companies, they are exercising it, we respect the court but it doesn’t mean we will stop from finding ways how we can, how we can keep the people informed,” he said.
Cusi said the government is still looking at oil importation although this has been delayed.