Another ‘big-time’ oil price rollback set this week

PRICE ROLLBACK. Oil firms will cut for the third week in a row the prices of their products given the movement in the international market. Gasoline prices will be reduced by PHP5 per liter; diesel, PHP2 per liter; and kerosene, PHP0.70 per liter effective Tuesday (July 19, 2022). (PNA file photo)

MANILA – Oil firms will implement another price rollback effective Tuesday.

In separate advisories, Seaoil, Petro Gazz, PTT Philippines, and Petron said price of their gasoline products will be slashed off PHP5 per liter while price of diesel will be reduced by PHP2 per liter.

The same amount will be reduced of Caltex’s gasoline and diesel products effective 12:01 a.m. and Cleanfuel’s products by 8:01 a.m.

Seaoil and Petron will also roll back the price of its kerosene products by PHP0.70 per liter effective 6 a.m.

"These reflect movements in the international oil market," Petron said.

This is the third consecutive week that oil companies cut prices of their products given the same development in the international market.

After rising to over USD100 per barrel in recent months, oil prices in the international market have gone down to below this level partly on account of expected slower demand in major economies due to concerns on economic slowdown and the impact of lockdowns following latest surge in coronavirus disease 2019 (Covid-19) infections. (PNA)

Join our 3 x a week Philippines News, Travel and Expat information newsletter and keep up to date. https://aseannow.com/newsletter.php