Oil prices reduced anew
Credit to Author: Tempo Desk| Date: Sat, 11 May 2019 09:00:06 +0000
For the second weekend this month, Phoenix Petroleum Philippines Inc. led by Davao City-based businessman Dennis Uy kicked off big-time rollbacks in petroleum prices by a scale of P1.30 per liter for its variety of gasoline products.
Phoenix Petroleum price cuts were effective 12 p.m. yesterday, leading to anticipation that all of its industry competitors will follow until Tuesday. No price cuts were been announced for diesel products.
The company was also the price cutback trendsetter last week, enforcing heftier rollback of P1 per liter for gasoline products versus the P0.90 per liter implemented by industry rivals.
The downtrend in per-liter costs of fuel is still attributable to the softening prices in the world market – with market dynamics hinting of a possible price crash when global producers break free from “production freeze market rebalancing” strategy.
Prior to these cuts in pump prices, the Department of Energy monitoring showed that gasoline prices in Metro Manila had been hovering at P46.50 to P62.66 per liter; and diesel at P40.70 to P49.59 per liter. Kerosene products, on the other hand, have been ranging from P46 to P55.80 per liter. (Myrna Velasco)