(Eagle News) – Oil prices will further go down on Tuesday, July 26, as world crude prices continued its slide.
This week’s price rollback, however, is not that high compared to the previous two weeks.
Gas prices will be slashed by 40 centavos per liter on Tuesday, July 26. But diesel prices would have a bigger rollback at P1.85 centavos per liter, and kerosene prices would be reduced by P1.30 per liter.
Various oil companies have already issued their advisories in their social media pages on Monday, July 25.
The rollback would take effect either at 12 midnight or 6 a.m. on Tuesday, July 26.
On Monday, July 25, world crude prices continued to drop, and at least one analyst expects “renewed downward pressure on crude.”
The economic slowdown — and the expected hit to demand — continues to put pressure on oil prices, with both main contracts well down Monday.
Crude has given up most of the gains seen since Russia’s invasion of Ukraine, and Vandana Hari, of Vanda Insights, said she saw further losses.
“While prices have been volatile, I expect renewed downward pressure on crude,” she said, adding that the Fed decision “will likely serve as a fresh reminder of the economic headwinds ahead”.
The rollback of oil prices in the Philippines started on July 5, the first Tuesday of this momth, but at that time, only kerosene and diesel prices went down, while gasoline prices remained unchanged.
It was only the following week, July 12, that a big price rollback in gasoline took place, along with the rollback in the prices of diesel and kerosene.
(With a report from Agence France Presse)