Phoenix, Chevron, Petron cut oil prices

MANILA, Philippines -- (UPDATED, 4:10 p.m.) Phoenix, Chevron, and Petron Corp. will bring down oil prices either Sunday or Monday, the firms announced separately.

The three oil companies will reduce gasoline prices by P1.50 per liter and diesel prices by P1.70 per liter.

Petron and Chevron will also slash kerosene prices by P1.70 per liter.
Phoenix's price adjustment will take effect 6 p.m. Sunday, Chevron's at 12:01 a.m. Monday, and Petron's at 6 a.m. Monday, 
The price reductions were brought by the "downtrend in the international oil market," Petron announced.


(http://www.interaksyon.org/article/10941/petron-phoenix-cut-down-oil-prices)



When the price of oil reduces it means that the supply of oil has risen and it has no scarcity at all for it is offered at the enough price and enough to consume by the people. When the supply of oil increases, then the government is in relief because it is a major problem when the supply is not enough for the people to consume because we all know that petroleum is a daily need for us most especially for the employees, businessman and etc. Most likely, it will affect business transactions and other day to day routine.