Update on Expected Oil Price Rollback on Tuesday, July 19
OIL PRICE ROLLBACK – Oil companies confirmed the reductions in the prices of oil products to be implemented on Tuesday, July 19.
The Filipinos suffered high oil costs for several weeks. Since January, there were several instances of oil price hikes that pulled the prices of diesel and gasoline to go past P90 per liter. It became a burden to a lot of people most especially public utility vehicle (PUV) drivers.
PUV drivers, transport groups, and professionals called for the suspension of the fuel excise tax. The previous administration denied the call saying that the fund is intended for the projects of the government. The current administration, prior to assuming office, also showed hesitance in suspending the fuel excise tax.
According to President Bongbong Marcos, he would rather give direct ayuda to the poor Filipinos rather than suspend the fuel excise tax. The Department of Social Welfare and Development (DSWD) is set to release cash assistance for poor Filipinos.
Meanwhile, following the series of oil price hikes, the prices of oil have dropped twice already in a series already and another oil price rollback is set for tomorrow, July 19, 2022. Several oil companies made an announcement regarding the reduced prices.
Based on an article on ABS-CBN News, here is a list of the oil price rollback set for tomorrow, July 19, 2022:
Shell and SeaOil (6:00 a.m.)
- Gasoline – P5 per liter
- Diesel – P2 per liter
- Kerosene – P0.70 per liter
Petro Gazz (6:00 a.m.)
- Gasoline – P5 per liter
- Diesel – P2 per liter
Cleanfuel (08:01 a.m.)
- Gasoline – P5 per liter
- Diesel – P2 per liter
According to the report, the Department of Energy said that the consumption of oil across the globe decreased of the weakening economies of some countries and the lockdown in some parts of China.
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