Maverick industry player Phoenix Petroleum Philippines Inc. kick-started the latest round of oil price rollbacks yesterday.
The oil firm headed by businessman Dennis Uy implemented the adjustments – P2.60 per liter for its gasoline brand and P2.70 per liter for diesel products – at 6 p.m.
The price cuts had been due to the significant downswing in prices in the world market in the past trading week, according to the industry players.
The rest of the oil companies are anticipated to implement price reductions either the duration of the weekend or until Tuesday which is their routine pump cost movements.
The only other company that had enforced price cuts is independent player PetroGazz last Friday but at a more moderate scale of P2 per liter for both diesel and gasoline products.
Price swings in the oil sector had fluttered in both directions in the first six months of the year – with some weeks having massive scale price upticks and the other weeks had oscillated on hefty rollbacks.
The plummeting prices in the world market is heavily anchored on anticipated slowdown of global economic growths which for the most part is being attributed to the “trade conflict” instigated by the United States, chiefly with China which is the second biggest economy and also the second largest oil consumer in the world. ‘
The downswing in prices had been occurring despite the geopolitical factors that were generally perceived affecting supply-demand dynamics, including protracted tension in the Middle East and the enforcement of sanctions against Iran and Venezuela. (Myrna Velasco)
