Oil firms set to reduce fuel prices next week: Gasoline down P0.70, diesel P0.10, kerosene P0.80

Oil firms are set to implement slight reductions in fuel prices next week, marking a second rollback following two consecutive hikes, with adjustments taking effect at 6 a.m. on Tuesday, July 8.

Gasoline prices will decrease by P0.70 per liter, diesel by P0.10 per liter, and kerosene by P0.80 per liter, according to advisories from PTT, Shell, PetroGazz, Seaoil, and Petron.

The price reduction is primarily due to the easing of tensions in the Middle East following a ceasefire announcement by US President Donald Trump after a 12-day conflict between Israel and Iran.

Despite these adjustments, the cumulative effect of recent hikes still outweighs the current rollback in fuel prices.

Consumers should note that while there will be some relief from higher costs, the impact of previous price increases persists.