Oil firms roll back pump prices

Small oil players led another big time price rollback as the trade war between China and the US continued weigh on global crude prices. First to announce was Phoenix Petroleum Philippines Inc., which reduced gasoline prices by P2 per liter and diesel prices by P0.90 per liter.

The price adjustment took effect Saturday morning “in order for motorists to avail of lower pump prices starting this weekend,” the oil firm said.

Unioil Philippines Inc. rolled back gasoline prices also by P2 per liter and diesel prices by P0.90 per liter effective 6 a.m. today

Meanwhile, other oil companies will implement their price reductions on Monday.

Petron Corp. said its price rollbacks, amounting to P1.85 per liter for Blaze 100 Euro 6, XCS, and Xtra Advance, P0.90 per liter for Turbo Diesel and Diesel Max and P0.90 per liter for kerosene, will take effect Monday at 6 a.m.

Pilipinas Shell Petroleum Corp., PTT Philippines and Total will also have the same price reductions on Monday.

Other oil players have yet to announce their respective prices cuts as of press time.

Prior these adjustments, year-to-date adjustments stand at a net increase of P10.55 per liter for gasoline, P11.50 per liter for diesel and P10.50 pre liter for kerosene, based on data from the Department of Energy (DOE).

International oil prices fell for the second straight week despite closing higher on Friday as the US-China trade war tempers global trade activity, Reuters reported.

The Brent crude stayed at the $79 per barrel level at the close of this week’s trading.