The country’s oil firms rolled back pump prices by as much as P5 per liter effective 6am Tuesday to reflect the movement of oil prices in the world market.
The oil firms cut the price of gasoline by P5 per liter, diesel by P2 per liter, and kerosene by P0.70 per liter, giving consumers another week of reprieve from high oil prices.
“Phoenix Petroleum Philippines will decrease the prices of diesel by P2 per liter and gasoline by P5 per liter effective 6 AM of 19 July 2022,” the company said in its advisory.
PTT Philippines, Chevron Philippines, Seaoil Philippines, PetroGazz, Cleanfuel, Unioil Petroleum Philippines, and Flying V also announced price cuts.
Unioil announced over the weekend that fuel prices would go down during the week of July 19 to 25 by P1.90 to P2.10 per liter for diesel and P4.60 to P4.80 per liter for gasoline.
Department of Energy (DOE) director Rino Abad of the Oil Industry Management Bureau cited two significant reasons for the continuing rollback in pump prices this month.
“Continuing China lockdown and interest hike possible, another round of hike increase in the US,” he said.
On July 12, the oil companies implemented a price decrease in gasoline by P5.70 per liter, diesel by P6.10 per liter, and kerosene by P6.30 per liter.
These resulted in the year-to-date adjustments at a net increase of P24.30 per liter for gasoline, P36.80 per liter for diesel, and P30.05 per liter for kerosene.
World oil prices have continuously declined in the past weeks due to recession fears and crude stock building in the US. Ongoing COVID lockdowns in Macau and China also put pressure on world oil prices.
The total US commercial crude stocks climbed from 8.23 million barrels in the week ended July 1 to 423.8 million.