Oil price rollback set July 16

Oil companies announced in separate advisories on Monday they will cut gasoline prices by PHP0.60 per liter and PHP0.95 per liter for diesel. (PNA file photo by Ben Briones)

By Kris Crismundo, Philippine News Agency

MANILA – Pump prices will be lower by as much as PHP1.15 per liter on July 16, driven by falling crude prices in the global market, snapping its four-week rally.

Oil companies announced in separate advisories on Monday they will cut gasoline prices by PHP0.60 per liter and PHP0.95 per liter for diesel.

These companies include Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil and Shell.

Other oil firms are expected to follow suit.

Caltex, Seaoil and Shell will also slash kerosene prices by PHP1.15 per liter.

Industry experts said the recent inflation data from China at 0.2 percent, which is lower than the forecasts, reflects a soft consumer confidence and potential stimulus measures from its government to boost the demand.

Meanwhile, data from the Department of Energy showed that the price adjustments last week brought a year-to-date net increase in prices of gasoline by PHP10.85 per liter, PHP9.05 per liter for diesel, and PHP2.35 per liter for kerosene.