The country’s oil firms cut the price of gasoline by P0.75 per liter and diesel and kerosene by P0.60 per liter effective 6 am Tuesday toreflect the movement of prices in the world market.
“PTT Philippines (will) implement the following price rollbacks effective 6 a. m. Tuesday, July 27, 2021: Gasoline, P0.75 per liter and diesel, P0.60 per liter,” PTT Philippines said in its advisory.
Other oil companies also announced the price cut, namely Cleanfuel, Seaoil Philippines, Unioil Petroleum Philippines and Chevron Philippines; still others are expected to follow suit.
Over the weekend, Unioil said consumers can expect fuel prices to go down this week by P0.60 per liter for diesel and gasoline by P0.75 per liter.
World oil prices declined this week amid global demand recovery concerns due to the Delta variant of COVID-19.
New infections are increasing in the US, one of the biggest consumers of oil products, due to the Delta variant while China, another oil consumer, saw fresh clusters of COVID-19 infections recently.
The prevalence of the Delta variant and the slow pace of vaccination in other countries has raised fears of a delay in the global economic recovery.
Meanwhile, the anticipated price rollback this week will put an end to nine weeks of consecutive oil price hikes, the latest of which was on July 20.
The oil firms raised the price of gasoline by P0.05 to P0.10 per liter, P0.30 per liter for diesel and P0.30 per liter for kerosene last week.
These resulted in year-to-date adjustments to stand at a total net increase of P13.60 per liter for gasoline, P10.90 per liter for diesel and P9.30 per liter for kerosene.