Oil Companies to Implement Price Rollback on July 16 Amid Global Market Shifts

MANILA — Motorists in the Philippines can expect a reduction in fuel prices starting July 16, as oil companies plan to cut pump prices due to declining crude oil costs on the global market. This adjustment breaks a four-week streak of rising fuel costs.

According to Philippines News Agency, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil, and Shell, gasoline prices will decrease by PHP0.60 per liter, and diesel will see a reduction of PHP0.95 per liter. These companies have also indicated that kerosene prices will drop by PHP1.15 per liter. The move follows recent inflation data from China, which showed a lower than expected rate of 0.2 percent, suggesting weak consumer confidence and potential economic stimulus measures by the Chinese government to invigorate demand.

Additional data from the Department of Energy highlights that despite the upcoming price cuts, there has been a significant net increase in fuel prices year-to-date, with gasoline up by PHP10.85 per liter, diesel by PHP9.05 per liter, and kerosene by PHP2.35 per liter.