If you still have enough left in the tank, filling up your car might be best left for tomorrow.
Another round of price cuts on fuel products await motorists on August 9. Diesel will roll back by PHP 2.20 per liter, while gasoline and kerosene will go down by PHP 2.10 and PHP 2.55 per liter, respectively. This follows up the previous rollback for diesel, while gasoline goes down again after a price hike last week.
Some oil players have already announced their fuel price advisories. Shell and Petro Gazz are making their adjustments by 6:00 AM tomorrow, while CleanFuel will do theirs by 8:01 AM. We're expecting other oil companies to follow suit once they make their price advisories later in the day.
This week's rollback is mainly due to last week's trade that closed with crude oil prices hitting their lowest since the start Russian invasion of Ukraine in February. According to Reuters, traders are thinking of the possibility of an economic recession since the US Federal Reserve has tightened its borrowing rates, resulting in businesses and consumers spending less.
While we're still far from pre-2022 rates, fuel prices have already dropped a long way since they hit their all-time highs earlier in the year. Let's hope the trend continues further.