Pump prices of petroleum products will be rolled back on Tuesday, July 12, marking the second straight week of price cuts, fuel companies said Monday.
In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Pilipinas Shell Petroleum Corp. and Seaoil Philippines Inc. said they will cut prices per liter of gasoline by P5.70, diesel by P6.10, and kerosene by P6.30.
Cleanfuel, Petro Gazz, Phoenix Petroleum Philippines Inc., and PTT Philippines Corp. will implement the same changes, excluding kerosene which they do not carry.
The changes will take effect at 6 a.m. on Tuesday, July 12, for all the firms except for Cleanfuel which will adjust prices at 8:01 a.m. and Caltex at 12:01 a.m. the same day.
The changes will take effect at 6 a.m. on Tuesday, July 12, for all the firms except for Cleanfuel which will adjust prices at 8:01 a.m. the same day and Caltex at 12:01 a.m. the same day.
The latest price rollback is the biggest so far this year, amid the continuous uptrend of global prices.
Department of Energy-Oil Industry Management Bureau Director Rino Abad last week said motorists may expect a big-time price rollback in the pump prices of petroleum products this week.
The Energy official cited the following reasons for the price adjustments:
- China Shanghai lockdown;
- Interest hikes by various countries; and
- Threat of recession which could cause demand destruction
Data from the Department of Energy show that year-to-date adjustments stand at a net increase of P30.00 per liter for gasoline, P42.90 per liter for diesel, and P36.35 per liter for kerosene as of July 5, 2022. — with Jon Viktor D. Cabuenas/KG/RSJ, GMA News