P0.70/liter gas price rollback set this week
Prices of petroleum products will be rolled back for the second week in a row. REUTERS/Bing Guan/File Photo
MANILA, Philippines – Pump prices of petroleum products will go down by less than P1 a liter on Tuesday, as tensions in the Middle East have eased after a 12-day conflict between Israel and Iran.
In separate advisories, Seaoil, PetroGazz, and Shell Pilipinas said gasoline prices would be cut by 70 centavos a liter, while kerosene would see a reduction of 80 centavos a liter.
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Diesel, on the other hand, will have the smallest reduction of 10 centavos per liter.
Once price adjustments are imposed on Tuesday, this will mark the second straight week of price rollbacks.
Another factor influencing the price adjustments is the possibility of the Organization of the Petroleum Exporting Countries (OPEC) hiking its production, subsequently increasing supply in the global market and potentially depressing prices.
Industry players also noted the end of the United States’ tariff pause on July 9, which can affect fuel demand and the outlook for the global economy./tad
