MANILA, Philippines — Phoenix Petroleum Philippines Inc. led other oil firms in implementing hefty price cuts on pump products today.
Other oil companies have yet to announce their price adjustments.
International oil prices dropped last week amid concerns that the US-China trade deal may not spur enough demand, Reuters reported.
But oil prices recovered on Thursday following progress in the US-China trade agreement.
Last week, local petroleum companies reduced diesel prices by P0.20 per liter and kerosene by P0.30 per liter.