Another oil price reduction takes effect this week, oil firms announced Monday.
Gasoline prices are going down by P0.40 per liter, diesel by P1.85 per liter, and kerosene by P1.30 per liter.
The new pump prices will take effect at 6 a.m. of July 26.
This is the fourth consecutive price rollback for diesel and kerosene, and the third for gasoline.
Last July 19, oil companies implemented a price decrease in gasoline by P5.00 per liter, diesel by P2.00 per liter and kerosene by P0.70 per liter. These resulted to the year-to-date total adjustments to stand at a net increase of P19.30/liter for gasoline, P34.80/liter for diesel and P29.35/liter for kerosene.
Department of Energy (DOE)- Oil Industry Management Bureau Director Rino Abad said the continued interest rate hike by US Federal Reserve would play a key role in the movement of oil prices in the coming weeks.
Should there be another rate hike, Abad said the central banks of other countries would likely follow suit. “If that happens, there is a big chance that we will see a continued rollback. But at this point in time, if that will not be the decision, then it appears we cannot sustain the continued rollback if there won’t be an additional round of interest hike,” he said.
Image credits: Nonie Reyes