Phoenix Petroleum Philippines led the latest big-time oil price rollback of as much as P1.60 per liter early Saturday to reflect the movement of prices in the world market.
“Phoenix Petroleum Philippines will decrease the prices of diesel by P1.60 per liter and gasoline by P1.40 per liter effective 6 a.m. of 29 February 2020,” the company said in its advisory.
Unioil Philippines forecasts the fuel prices will go down next week by P1.60 to P1.70 per liter for diesel and P1.30 to P1.40 per liter for gasoline.
Other oil companies are expected to follow suit but have yet to make their respective announcements as of press time.
World oil prices slumped last week amid concerns that the coronavirus (COVID-19) outbreak will affect the global economy. The outbreak has already affected air travel, shipping, and other businesses worldwide.
On Feb. 25, most oil companies hiked petroleum products as world oil prices slightly recovered due to optimism the virus in China is being contained.
Oil firms raised the price of gasoline by P0.30 per liter, diesel by P0.20 per liter and kerosene by P0.35 per liter.
Year-to-date adjustments stand at a net decrease of P2.50 per liter for gasoline, P4.40 per liter for diesel and P5.59 per liter for kerosene, according to the latest data from the Energy department.