(UPDATE) Diesel and gasoline prices will be slashed in a big-time rollback starting July 12, oil companies said Monday.
Starting 8:01 a.m. Tuesday, diesel prices will decrease by P6.10 per liter, while gasoline prices will go down by P5.70 per liter, Clean Fuel said.
Seaoil branches will also implement the same rollback in gasoline and diesel prices starting 6 a.m., including kerosene at P6.30 per liter.
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Fuel rollbacks are due to low global demand caused by the lockdown in Shanghai, interest hikes in several countries, and threat of recession which could cause demand destruction, Department of Energy-Oil Industry Management Bureau Director Rino Abad told reporters.
Here are the fuel price rollbacks set for July 12, 2022:
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