Fuel Prices Set to Go Down This Week

Another set of reductions in oil prices is set for this week beginning Tuesday, July 26.

Oil firms Chevron Philippines Inc. (Caltex), Cleanfuel, Petron Corp., Petro Gazz, Phoenix Petroleum Philippines, Pilipinas Shell, PTT Philippines, and Seaoil Philippines Inc. announced in separate advisories that their gasoline prices will go down by PHP0.40 per liter, while their diesel prices will be slashed by PHP1.85 per liter.

Moreover, oil firms Chevron Philippines Inc. (Caltex), Petron Corp., Pilipinas Shell, and Seaoil Philippines Inc also announced a reduction in the price of kerosene by PHP1.30 per liter.

Other oil firms are expected to follow suit.

This marks the fourth consecutive week of oil price rollbacks in the country.

Petron said in a statement that the reduction in fuel prices reflects the “movements in the international oil market.”

Meanwhile, fuel prices in the global market are expected to decrease further should the United States Federal Reserve opts to aggressively hike interest rates.

The strategy could hamper economic activities, which will lead to a lower demand for oil and other basic commodities.

Year-to-date price adjustments for gasoline as of July 19 according to the Department of Energy oil monitor show that gasoline prices currently stand at a net increase of PHP19.30 per liter, diesel at a net increase of PHP34.80 per liter, and kerosene at a net increase of PHP29.35 per liter. (GFB)