Big-time Rollback To Be Implemented On Petroleum Product Prices Starting this Weekend
The Phoenix Petroleum Philippines Inc. set a big-time rollback on petroleum product prices starting the second weekend this month.
Phoenix Petroleum announced that they would set a rollback for its variety of gasoline products starting Saturday (May 11, 2019).
The oil company would reduce the petroleum price by a scale of P1.30 per liter of gasoline product varieties.
The firm also becomes the price cutback trendsetter last week after it implemented P1.00 price cuts per liter of gasoline products.
Other oil companies were also expected to impose price rollback until Tuesday (May 14, 2019).
However, Phoenix Petroleum did not announce a price reduction for diesel products.
The Department of Energy (DOE) showed the prices of gasoline, diesel, and kerosene products in Metro Manila prior to the rollback.
- Gasoline – P46.50 to P62.66 per liter
- Diesel – P40.70 to P49.59 per liter
- Kerosene – P46.00 to P55.80 per liter
Dubai crude rolled back to US$69 per barrel level, which is the reference pricing for oil markets in Asia while international benchmark Brent crude costs US$70 per barrel based in the global market.
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