Second straight week of big price rollback caused by tumble in world crude prices
(Eagle News) — Another big price rollback will take effect on Tuesday, July 19, with gasoline prices to go down by P5 per liter, and diesel prices by P2 per liter.
In separate advisories, various oil companies announced the big-time price rollback which happens for the second straight week.
Last Tuesday, July 12, gas prices were slashed by P5.70 per liter, and diesel prices by P6.10 per liter. Kerosene prices went down by P6.30 per liter last week, the biggest slash in prices among the oil products.
This July 18, kerosene prices will be further cut by P0.70 per liter.
The price rollback was caused by oil prices tumbling in the world market.
Last Thursday, July 14, the main US oil contract, West Texas Intermediate (WTI), tumbled five percent on growing fears of a global recession, according to traders.
Around 1340 GMT, WTI was down 5.2 percent at $91.32 per barrel. European benchmark, Brent North Sea crude, shed 4.4 percent to $95.21.
Local oil firms would either roll back oil prices by 12 a.m. Tuesday, July 19, or by 6 a.m. same day.
(Eagle News Service)
