Local oil firm reduces prices

By Myrna M. Velasco

A local oil company reduced prices effective 6 p.m. yesterday.

Phoenix Petroleum Philippines Inc. cut gasoline and diesel prices by P1.40 and P1 per liter, respectively, as a result of the downswing in global oil prices in the past trading days. The rest of the industry players are expected to follow suit.

Phoenix Petroleum Vice President Raymond T. Zorrilla said there could be an additional price rollback next week.

“Because we still have one day left in the international trading, we just advanced the price cuts so consumers can enjoy it longer,” Zorrilla said.

Meanwhile, Liquefied Petroleum Gas companies have increased prices by P3.30 to P3.40 per kilogram or P36.30 to P37.40 for a standard 11-kilogram cylinder effective 12:01 a.m. yesterday. AutoLPG prices also went up by P1.90 per liter.

LPG companies that increased prices were Petron Corp. and Eastern Petroleum Corp. for its EC Gas and Solane LPG.

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Written by Tempo Online

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