In March 2011, Phoenix Petroleum Philippines, Inc., a sponsor of the PBA games, had expressed interest in acquiring a PBA franchise and were in talks to acquire the franchise of the original Barako Bull Energy Boosters team (owned by the Energy Food and Drink, Inc.).

In June 2014, the Lina Group sold this franchise to Manila North Tollways Corporation and became the NLEX Road Warriors.

[11] On February 10, 2016, the Phoenix Fuel Masters officially announced their entry into the PBA with a press conference, followed by the unveiling of their new uniforms, held at Novotel Manila in Araneta Center, Cubao.

On August 7, 2018, 10 days before the start of the Governors' Cup, the Fuel Masters traded Karl Dehesa and a draft pick for 2019 in exchange for Calvin Abueva.

He along with Wright, Perkins and import Eugene Phelps led the team to its first twice to beat advantage berth in the quarterfinals after posting an 8–3 record in the eliminations but lost both games to the Meralco Bolts.

They defeated the Alaska Aces 91–76 before losing to the eventual champion San Miguel Beermen five games in the semifinals.

Abueva got suspended indefinitely in June 2019 due to two infractions: clotheslining TNT KaTropa import Terrence Jones and doing obscene gestures to the girlfriend of Blackwater Elite player Bobby Parks Jr.. During the pandemic-shortened 2020 Philippine Cup bubble tournament, the team under the name Phoenix Super LPG Fuel Masters, paraded teal and blue as its colors and a new team logo.