Oil players Phoenix Petroleum Philippines and Seaoil Philippines lead the latest oil price rollback of as much as P0.30 per liter effective 6 am Saturday to reflect the movement of world oil prices in the domestic market.
“Phoenix Petroleum Philippines will decrease the prices of gasoline by P0.15 per liter and diesel by P0.30 per liter effective 6 am of 15 December 2018,” the oil player said.
PetroGazz announced it will also cut the same level of prices starting 6 am on Tuesday.
Last Dec. 11, the oil companies implemented a P0.40 per liter increase for gasoline but rolled back the price of diesel and kerosene by P0.10 per liter and P0.45 per liter, respectively.
Total year-to-date adjustments for gasoline is expected reached a net decrease of P0.20 per liter.
Net increase for diesel is expected to be lowered to P1.20 per liter while kerosene’s net increase will now be at P0.78 per liter.
World oil prices declined last week due to concerns of oversupply despite moves to cut production.
The Organization of Petroleum Exporting Countries and its allies including Russia has agreed to cut production by 1.2 million barrels per day beginning Jan. 1.
Energy Secretary Alfonso Cusi expects world oil prices to maintain its current range of $50 to $60 per barrel by next year although he said any volatilities in the world market will have impact of prices.