Oil firms slashing prices anew this week
A price reduction ranging from 10 centavos to 80 centavos per liter will be implemented on petroleum products on Tuesday, marking the second straight week of price cuts.
In separate advisories on Monday, Seaoil, PetroGazz, PTT Philippines, Petron and Shell Pilipinas said the prices per liter of gasoline will go down by 70 centavos and kerosene by 80 centavos. Diesel, on the other hand, will be cheaper by just 10 centavos per liter.
While most of the major oil firms have announced a reduction in pump prices, Caltex will increase its diesel by 15 centavos per liter. Its prices of gasoline and diesel, on the other hand, will be slashed by 25 centavos a liter.
Industry players said late last week that there may be a rollback in pump prices due to the easing of the Middle East conflict, particularly between Iran and Israel.
Another factor influencing the downward price adjustment is the possibility of the Organization of the Petroleum Exporting Countries hiking its production, subsequently increasing supply in the global market.
Industry players also cited the end of the United States’ tariff pause on July 9, which could affect fuel demand and the outlook on the global economy.
