OIL FIRMS ROLL BACK PRICES OF DIESEL, KEROSENE

ED PAOLO SALTING

2022-07-05T07:00:00.0000000Z

2022-07-05T07:00:00.0000000Z

The Manila Times

https://digitaledition.manilatimes.net/article/281621014035333

News

AFTER four weeks of price increases, oil companies will implement a big-time price rollback for diesel and kerosene on Tuesday, July 5, 2022. Pilipinas Shell, PetroGazz, Cleanfuel and Seaoil announced they will lower diesel prices by P3 per liter. Meanwhile, Pilipinas Shell and Seaoil will cut the cost of kerosene by P3.40 per liter. The price of gasoline will remain unchanged. The Department of Energy said that the recent lockdowns in China and interest hikes lowered fuel demand, which in turn led to lower prices. As of last week, worldwide crude prices kept falling as recession fears plagued the market sentiment, with US President Joe Biden highlighting that a recession was not “inevitable.”

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