Good news to all consumers and motorists as oil companies announced on Monday, July 11, they will give a big-time oil price rollback starting on July 12.
Oil companies including Shell, Clean Fuel, and Petro Gazz will have a rollback on their oil product prices.
In their fuel forecast, P6.10 per liter of diesel, while P5.70 per liter of gasoline, and P6.30 per liter of kerosene prices will go down effectively on Tuesday.
According to the Department of Energy Oil Management Bureau Director Atty. Rino Abad, the rollback is caused by the lockdown in China, low demand on the world market, and other economic recession of other countries.
“Reasons are China Shanghai lockdown, interest hikes by various countries; and threat of recession which could cause demand destruction,” Abad said.
Meanwhile, RCBC Chief Economist Michael Ricafort said that the oil price rollback could last for several weeks due to the lagged effects on low price of crude oil.
“At least two weeks of rollbacks… Early this week pa lang bumababa below US $100 per barrel ang Nymex crude oil price. Meron pang delayed reaction or lagged effects of around two weeks.” –Report from Naomi Tiburcio/KC – gb