Phoenix Petroleum Philippines led the latest oil price cuts of as much as P0.50 per liter to reflect the movement of oil prices in the world market.
Phoenix cut its gasoline price by P0.50 per liter and diesel by P0.10 per liter effective at 6am on Sept. 7, and ahead of the other oil companies.
Pilipinas Shell Petroleum Corp., Seaoil Philippines, and Clean Fuel also announced their respective price cuts.
Seaoil and Clean Fuel implemented their price cuts starting at 6am on Monday while Shell will roll back its prices starting Tuesday.
“Please see fuel price change: rollback of Shell effective 6am September 10, 6am, gasoline by P0.50 per liter, kerosene by P0.25 per liter and diesel by P0.10 per liter,” Shell said in its advisory.
The cuts will be the third consecutive for gasoline and diesel and the second consecutive weekly cut for kerosene.
On Sept. 1 to 3,, most of the oil companies implemented a price cut of P0.10 per liter of gasoline, P0.10-P0.20 per liter of diesel and P0.15 per liter of kerosene.
The year-to-date adjustments now stand at a net increase of P4.66 per liter of gasoline, P3.27 per liter of diesel and P1.26 per liter of kerosene.
READ: Oil players cut prices: P1.30/li
READ: Oil price cut: P0.10 per liter of diesel, petrol
READ: Pump prices slide for two straight weeks