Another Big-time Oil Price Rollback Set for this Week

Oil firms implemented another set of big-time oil price rollbacks set to take effect today, much to the relief of motorists in the country.

This comes as oil firms Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell said in separate announcements that their gasoline prices will go down by PHP2.10 per liter, while their diesel prices are also set to go down by PHP2.20 per liter.

Moreover, oil firms Caltex, Seaoil, and Shell also announced a reduction of their kerosene price by PHP2.55 per liter.

Other oil firms are expected to make their own similar price adjustments.

With the latest changes, kerosene and diesel prices have been slashed for four consecutive weeks already.

Prices in the global market continue to dwindle as demand for oil continues to go down globally coupled with the growing fears of a recession in the United States.

Moreover, the Russian invasion of Ukraine remains to be a contributing factor to the fluctuating global oil prices.

Most recent data from the Department of Energy as of August 2, 2022, shows that year-to-date oil price adjustment for gasoline currently stands at a net increase of PHP19.65 per liter, diesel at a net increase of PHP32.35 per liter, and kerosene at a net increase of 27.30 per liter. (GFB)