Petroleum products are expected to have a price rollback on July 18 following the multiple price hikes in the previous weeks.
According to Energy undersecretary Felix Fuentebella, the price of gasoline could decrease by Php 0.25 per liter, the price of diesel would decrease by Php 0.70 per liter, and the price of Kerosene could decrease by Php 0.60.
This is based on the International Oil trading last week which is expected to affect the price of oil in the local market.
However, Fuentebella clarified that the expected price rollback is still prone to changes based on the trading activities last July 14 which will be accessed this July 17.
Meanwhile, Phoenix Petroleum Philippines has already implemented an oil price rollback for Diesel and Gasoline.
Starting July 17, the price of Diesel will be decreased by Php 0.50 per liter and the price of Gasoline will be reduced by Php 0.20.