Oil distributor Phoenix Petroleum Philippines will cut pump prices by as much a P1.70 per liter effective at 6 a.m. today, Saturday, to reflect the movement of prices in the world oil market.
Phoenix implemented its price cut ahead of the competition, and that allows consumers to benefit from lower oil prices. The oil firms usually adjust pump prices every Tuesday.
“In order for the public to avail of cheaper fuels earlier than usual, Phoenix will decrease the prices of diesel by P1.70 per liter and gasoline by P0.90 per liter effective 6 a.m. January 18,” the company said.
World oil prices declined as the market shrugged off the impact of the US-Iran conflict.
On Jan. 12 to 14, most of the oil companies implemented cut prices.
They cut the price of diesel by P0.20 per liter and kerosene by P0.30 per liter, but left gasoline prices unchanged.
The year-to-date adjustments now stand at a net decrease of P0.10 per liter of gasoline and a net increase of P0.20 per liter of diesel, according to latest data from the Energy department.