Big-Time Oil Price Rollback Set for this Week

Oil firms in the country announced that oil products will have price cuts on July 12.

The latest adjustment in the continuing oil price saga in the country conforms to adjustments in the global market. This is also the second consecutive week that oil prices in the country decreased.

Oil firms Caltex, Flying V, Petron Corporation, PTT Philippines, and Seaoil announced in separate advisories that they will decrease their gasoline prices by PHP5.70, and their diesel prices by PHP6.10 per liter.

Moreover, Seaoil also announced that they will decrease their kerosene price by PHP6.30 per liter.

This comes as oil price per barrel in the world market was reduced to below USD100 per barrel due to the growing concerns that the United States may experience a recession.

Moreover, the Department of Energy (DOE) reported that the reduction in the price of oil is also attributed to the lockdown in Shanghai, China, and interest hikes by various countries.

Data from the Department of Energy as of July 5, 2022, shows that year-to-date price adjustments for gasoline currently stand at a net increase of PHP30.00 per liter, kerosene at a net increase of PHP36.35 per liter, and diesel at a net increase of PHP42.90 per liter. (GFB)