Philippine News Agency
Oil price cut set July 8
Oil companies are expected to implement a rollback in fuel prices starting July 8, with gasoline prices to be reduced by P0.70 per liter and diesel by P0.10 per liter.
Shell, Seaoil, and Petron will also cut kerosene prices by P0.80 per liter.
These price adjustments are due to a decrease in international oil prices after concerns over the Iran-Israel conflict were partly eased by an announcement of a ceasefire between the two countries.
Oil prices had risen to over USD80 per barrel in the fourth week of June following Israel's attack on Iran's nuclear facilities, but have since fallen below USD70 per barrel after the ceasefire announcement.
Despite the recent and upcoming price reductions, the cumulative rollback may not be sufficient to fully offset the impact of previous significant price hikes.
🤖
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
Filipinos can expect fuel price reductions this week, with gasoline prices cut by 70 centavos per liter, diesel by 10 centavos per liter, and kerosene by 80 centavos per liter.
Read more →
Filipino motorists are set for a second consecutive week of fuel price rollbacks, with Jetti Petroleum projecting potential price drops of P0.20 to P0.40 per liter for diesel and P0.80 to P1.00 per liter for gasoline.
Read more →