After a barrage of non-stop fuel price increases, we finally have a little glimmer of hope for diesel and kerosene users. Diesel prices have seen a monumental increase in price over the past few months and this rollback is a breath of fresh air and hopefully the start of a downward trend. (We’re not holding our breaths, though!) After four weeks of price increases, a rollback is just what we need in light of the astronomical fuel prices.
In other news, Russia’s oil prices have been capped by G7, which could be the cause for this decrease in price. However, there is a chance that fuel prices will rise should Russia retaliate by pulling its supply from the global market entirely.
According to Seaoil’s price adjustment, diesel prices in the country will roll back by P3.00, and kerosene by P3.40. Unfortunately, gasoline prices remain constant with no rollback.
The new prices will take effect by July 5, 2022, at 6:00 AM, and it will last until the next fuel price adjustment cycle which will be next week on July 12, 2022.
Also, Shell has announced that it will be adjusting its prices accordingly, and the new prices will be reflected by 6:00 AM tomorrow. Petron, Phoenix Petroleum, Petro Gaz, Clean Fuel, and other players in the industry will also follow suit at the same time tomorrow. We’re still waiting on other advisories, but expect the price rollbacks to be in the ballpark of P3.00.
With that being said, diesel-powered vehicles will get a little more bang for their buck tomorrow morning. As such, drivers are encouraged to make their current tanks last and wait for the rollback to take effect. Be advised, however, you may not be the only one lining up at the pumps on Tuesday!