Motorists won’t be likely to rush towards gas stations for a change, as a big-time rollback in the prices of fuel has been announced for the week of July 12.
PH Fuel Watch projected a generous rollback in fuel prices as early as last week
Fuel price watchdog PH Fuel Watch confirmed on its Facebook page that prices for diesel will go down by up to Php 6.30 per liter. Meanwhile, gasoline is set to have prices slashed by up to Php 5.80 per liter. As always, prices are set to be determined by station and location.
In a separate update over social media, Unioil also posted that its stations are set to reduce diesel prices between Php 5.90 and Php 6.00 per liter. As for gasoline, price rollbacks are projected to be between Php 5.50 and Php 5.70 per liter.
This comes a week after prior price reductions were announced, following four consecutive weeks of increases. Fuel prices have generally been on an upward trend since the beginning of 2022.
Unioil confirmed that it will be reducing prices by as much as Php 6.00 at the pumps
As of this writing, international benchmark Brent crude is trading at $106.3 (Php 5,946.16) per barrel, while another standard, West Texas Intermediate (WTI) is selling for $103.8 (Php 5,807.04) per barrel.
According to the Department of Energy (DOE), the price reductions can be attributed to increased interest rates around the globe in response to the stronger U.S. dollar. Reduced demand in China is also a factor, as the country has returned to COVID-19 lockdowns following new reported cases in the mainland.
Let's hope that affected sectors such as public transport get a much-needed respite
Another reason for falling oil prices is the agreement shared between the world’s most advanced economies, collectively known as the Group of Seven or G7, to put a price cap on Russian oil exports.
At its 29th Ministerial Meeting held on June 2, the Organization of Petroleum Exporting Countries (OPEC) reportedly announced plans to increase global oil production by 648,000 barrels per day beginning July.
Know when fuel prices rise and fall at Philkotse.com.