Phoenix to cut price per liter of gas by P1.65, diesel by P0.60

Phoenix Petroleum will decrease pump prices of gasoline and diesel on October 27, 2018 at 6 a.m.

The company will decrease gas prices by P1.65 per liter and diesel by P0.60 per liter.

This is part of an expected downward adjustment in pump prices of petroleum products as world crude prices started to drop.

 

OIL PRICE ADVISORY:
Phoenix Petroleum Philippines will DECREASE the prices of GASOLINE by P1.65 per liter, and DIESEL by P0.60 per liter effective 6am of 27 October 2018. @gmanews

— Rida Reyes (@Rida_Reyes) October 26, 2018

 

“Crude fell to its lowest since late August on Wednesday, pressured by concern that demand is weakening and supply is ample even as US sanctions loom on oil exporter Iran.  It is a sign that supply is plentiful,” Energy Deputy Secretary Felix Fuentebella earlier told GMA News Online.

Dubai crude is currently trading at $74 per barrel, its lowest since the latter part of August.

US crude supply expanded by 6.35 million barrels during the week ended October 19, moving inventories to 422.79 million barrels, Fuentebella noted, citing US Energy Information Administration data.

The gasoline market continues to languish amid ample supply, but the DOE is unsure at this point if crude prices in world markets will continue to drop. —JST, GMA News