Don't fill up your tanks just yet. Oil players in the country have just announced that they will impose another set of rollbacks on July 26. With that, this will be the third consecutive week that gasoline and diesel prices will go down.
Starting tomorrow, gasoline prices will roll back PHP 0.40 per liter while diesel will receive a PHP 1.85 price cut. Kerosene prices will also go down by PHP 1.30 per liter.
Companies such as Seaoil, Shell, and Petrogazz will adjust pump prices as early as 6:00 AM tomorrow morning. Meanwhile, CleanFuel will only lower its prices at 8:01 AM. Other oil players have yet to announce their price adjustments. However, you can expect them to post similar advisories within the day.
The three consecutive price rollbacks will bring gasoline down by PHP 11.10 per liter and diesel will be slashed by PHP 11.75.
While the price cuts this week aren't as big as the past several weeks, this is still a welcome sign that oil prices globally could be on their way down. We're still a long way in terms of going back to pre-2022 levels of fuel prices, but we're hoping that the oil price reductions will continue to happen.