Phoenix Petroleum Philippines Inc. led by Davao City-based businessman Dennis Uy has initiated pump price rollbacks again this weekend, reducing its diesel prices by P1 per liter and gasoline by P0.80 per liter effective 6 a.m. yesterday.
In many instances of price cutbacks, the listed firm had for many times jumped the gun on competitors in implementing cost downswings at the pumps.
As of posting time, the other oil firms have yet to follow the new price trends set by Phoenix Petroleum, although it is already highly anticipated that its industry rivals will similarly aim for price reductions within that magnitude until Tuesday.
Next week’s price rollbacks will be most beneficial to the agitated public transport sector, which, so far, had opted to hold their strike last week due to massive spikes in pump prices following the drone-strike attack on the facilities of Saudi Aramco.
In last week’s price reductions, the Department of Energy had also expressed its dissatisfaction, and that it served show cause orders to the oil companies for them to explain until tomorrow why the enforced rollbacks had been lower than expected.
Additionally, to appease the exasperated transport sector, Senate Committee on Energy chairman Sen. Sherwin T. Gatchalian nudged the Department of Transportation to complete the distribution of fuel subsidies primarily to the jeepneys, the typical mode of transport for many Filipino commuters. (Myrna M. Velasco)
