Another fuel price rollback to take effect Tuesday

Pump prices of petroleum products will be rolled back on Tuesday, July 19, marking the third straight week of price cuts.

In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Seaoil Philippines Inc. said it they will cut prices per liter of gasoline by P5.00, diesel by P2.00, and kerosene by P0.70.

Cleanfuel, and Petro Gazz, Phoenix Petroleum Philippines Inc., and PTT Philippines Corp., will implement the same changes, excluding kerosene which they do not carry.

The changes will take effect at 6 a.m. on Tuesday, July 19 except for Caltex which will adjust prices at 12:01 a.m. and Cleanfuel at 8:01 a.m. the same day.

The changes will take effect at 6 a.m. on Tuesday, July 19 except for Caltex which will adjust prices at 12:01 a.m. and Cleanfuel at 8:01 a.m. the same day.

Department of Energy-Oil Industry Management Bureau Director Rino Abad said last week that this week's rollback in pump prices is possible due to the following factors:

• Intermittent lockdowns in China
• Interest rate hikes in the US and other countries

Abad, in an interview on Super Radyo dzBB, said the factors could result in tempered economic activity, which could eventually lower demand and prices. —KBK/RSJ, GMA News