PHOENIX Petroleum Corp. initiated last Saturday another round of oil price rollback.
It is now selling gasoline by P0.15 per liter lower and diesel by P0.30 per liter effective 6 a.m. of December 15.
Petro Gazz, meanwhile, announced over the weekend that it will implement the same price adjustment on Tuesday morning.
Other oil firms will announce their price rollbacks in the next few hours. They are expected to implement their respective price adjustments on Tuesday morning.
Based on the Department of Energy’s monitoring, oil prices in the world market rebounded after the Organization of the Petroleum Exporting Countries (Opec) and its allies, including
Russia, agreed to cut production next year to shore up
falling prices.
Opec and its allies inked a deal to reduce output by 1.2 million barrels per day during the first six months of 2019 after their second-day meeting in Vienna, Austria.
Members of Opec will reduce output by 800,000 barrels per day while Russia and other nations signed up to a 400,000 reduction. The cuts are scheduled to begin on January 1 and will last for six months.
Last week, oil firms reduced diesel by P0.10 per liter but increased the price of gasoline by P0.40 per liter.
Local oil firms adjust their prices on a weekly basis to reflect prices of imported oil products that arrive in the country.
