Oil firms announce price cuts - TrueID

Oil firms announce price cuts

Philippine News AgencyJuly 11, 2022

PRICE ROLLBACK. Oil firms have announced another price drop for Tuesday (July 12, 2022) as prices in the international market have dropped due in part to recession fears. Petron, PTT, and Seaoil said price of gasoline will be reduced by PHP5.70 per liter, and diesel by PHP6.10 per liter. (PNA file photo)

MANILA – Domestic fuel prices will drop for the second consecutive week on Tuesday, tracking the same path of oil prices in the international market.

In separate advisories, Petron Corporation, PTT Philippines, and Seaoil said the price of their respective gasoline products will be reduced by PHP5.70 per liter and diesel by PHP6.10 per liter effective 6 a.m. on July 12.

Seaoil said the price of its kerosene will also be slashed off PHP6.30 per liter.

This, as oil prices in the world market recently declined below USD100 per barrel, partly on recession fears in the US and its impact on, among others, the demand in the world’s largest economy.

Motorists are also expecting the price adjustments following reports from the Department of Energy regarding the possibility of this change, citing not only the recession fears but also the impact of higher interest rates globally and another lockdown episode in China.

For one, the interest rate cuts by central banks are being made to help tame accelerating inflation rate, which has been caused mainly by the oil rising prices in recent weeks. (PNA)

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