Rollback follows drop in world crude prices last week
(Eagle News) – A big-time price rollback of oil products is set on Tuesday, July 12, with gasoline prices to decrease by P5.70 per liter, and diesel prices by P6.10 per liter.
Kerosene prices will also go down by P6.30 per liter, the biggest slash in prices among the oil products.
Various oil companies have already issued their advisories on social media.
The big rollback in oil prices was due to the retreat in world crude prices last week.
World oil prices spiralled lower last Wednesday on fears that a potential recession will slash demand, with Brent crude sinking under $100 per barrel.
Europe’s benchmark crude contract, Brent North Sea, dropped 3.3 percent to $99.39 per barrel in mid-afternoon deals, while US counterpart WTI oil also fell 3.3 percent to stand at $96.12.
Prices had already tumbled lastTuesday on concern that a slowing global economy will dent demand for petroleum products, with WTI breaching the key $100 level.
Citi analysts have forecast that Brent could strike $65 later this year in the event of a prolonged worldwide economic downturn.
Last week, diesel and kerosene prices were also reduced following a retreat in crude prices in the world market.
Prices of diesel were down by P3 per liter, while that of kerosene also went down by P3.40 per liter.
(Eagle News Service with a report from Agence France Presse)