2 oil firms roll back prices

October 05, 2019

INDEPENDENT oil firms Phoenix Petroleum Philippines and Cleanfuel announced another rollback of their pump prices effective yesterday and today, Sunday.

Dennis Uy’s Phoenix Petroleum slashed the price of gasoline products by P0.80 centavos per liter and diesel by P1.00 per liter effective at 6 a.m. yesterday while Cleanfuel will adjust its prices of their products at the same level at 4:01 p.m. today.

The second round of price cuts comes after the Department of Energy (DOE) issued a Show-Cause Orders to 13 oil firms in view of the apparent differences in the oil price rollback calculations. The oil firms are expected to respond tomorrow, Monday.

Other oil firms, including the so called Big 3 composed of Pilipinas Shell, Petron Corporation and Caltex Philippines are expected to reduce their pump prices on Tuesday.

Energy sources said international oil market sent prices of petroleum products down which prompted local oil firms to implement rollbacks.