P3/liter rollback for diesel, P3.40 per liter rollback for kerosene
(Eagle News) – Oil companies are set to implement a price rollback of around P3 per liter for diesel and for kerosene effective Tuesday, July 5, but not for gasoline the prices of which will remain the same.
In separate advisories, various oil firms announced the price rollback of P3 per liter for diesel, and P3.40 per liter for kerosene.
There will be no adjustments, however, for gasoline prices.
Last week, oil prices receded after a decision by OPEC to proceed with a limited boost to output.
On July 1, Brent North Sea crude went down by 1.5 percent at $116.26 per barrel, while West Texas Intermediate crude also went down by 1.8 percent at $109.78 per barrel.
Russia’s invasion of Ukraine has exacerbated concerns about oil supplies, sending prices to record highs this year.
But oil prices fell following the announcement on by the 13-nation Organization of the Petroleum Exporting Countries led by Saudia Arabia and its 10 partners headed by Russia.
In their monthly video conference, which lasted about an hour, the 23 members of OPEC+ agreed to add another 648,000 barrels per day in August, the same as for July.
“As expected, OPEC+ stuck to its planned 648,000 barrel increase in August and refrained from any decision beyond then,” said Craig Erlam, a senior market analyst at OANDA trading platform.
This “could add an element of uncertainty to future targets, particularly given recent reports that even Saudi Arabia and UAE are running near capacity,” Erlam added.
(Eagle News Service with a report from Agence France Presse)