Oil firms roll back prices starting on Aug. 12
There will be a reprieve this week for motorists as fuel retailers are reducing the prices of petroleum products effective on Aug. 12.
In separate advisories on Monday, Jetti Petroleum, Seaoil, Petro Gazz, and CleanFuel said the prices per liter of gasoline will go down by 40 centavos, diesel by P1.50 and kerosene by P1.30.
Oil price movements are usually scheduled for implementation every Tuesday.
Industry players said late last week that the potential rollbacks may be attributed to increases in oil production and uncertainties surrounding tariff policies in major economies.
“Recent developments that raised expectations for a diplomatic end to the war in Ukraine have also caused oil prices to weaken further,” Jetti Petroleum president Leo Bellas said.
“Geopolitical risks and evolving US trade policy, however, continue to add uncertainty and are still clouding the broader demand picture,” he added.
Last week, oil companies implemented price increases in their products ranging from P1 to P1.90 per liter.
