Another Oil Price Rollback Set for this Week

Oil prices in the country are once again set to go down this week as oil firms implement the latest changes in oil prices starting Tuesday, which marks the fifth-straight week that diesel and kerosene prices have gone down.

Oil firms Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell said in separate advisories that they will reduce their gasoline prices by PHP0.10 per liter, while their diesel products are set to go down by PHP1.05 per liter for diesel.

Moreover, oil firms Caltex, Seaoil, and Shell also announced a reduction in their kerosene prices by PHP0.45 per liter.

Other oil firms are expected to implement similar adjustments to their oil prices.

A weakening Chinese economy brought about by their real estate fiasco has led to a reduction of the per barrel price of both Brent and West Texas Intermediate.

Moreover, the Russian-Ukrainian conflict continues to keep prices volatile in the global market.

Recent data from the Department of Energy as of August 9, 2022, shows that the year-to-date price adjustment for gasoline currently stands at a net increase of PHP17.55 per liter, while kerosene is currently at a net increase of PHP24.75 per liter.

Meanwhile, although diesel prices in the country have gone down for consecutive weeks, year-to-date price adjustments for diesel still stand at a net increase of PHP30.15 per liter. (GFB)