Oil companies imposed a hefty price rollback on Saturday, days after the government announced that it will import 240 million liters of diesel from Russia. Phoenix Petroleum on Friday lowered the price of diesel by P1 per liter and gasoline by P1.40 per liter. The price adjustment came as a surprise because oil companies usually increase or lower their pump prices on Tuesdays. The price rollback was announced as global oil prices retreated on Friday. The Department of Energy said the decision to buy fuel from Russia was meant to “enhance competition among existing oil industry players and stabilize domestic oil prices.”

Source: Manila Times June 02, 2018 17:15 UTC