Manila: Oil firms will implement price rollbacks on Tuesday, weeks after sustained hikes. In separate advisories, PTT, Shell, PetroGazz, Seaoil, and Petron announced that gasoline prices will be reduced by PHP0.70 per liter and diesel by PHP0.10 per liter effective 6 a.m. on July 8. Shell, Seaoil, and Petron will also lower kerosene prices by PHP0.80 per liter at the same time.
According to Philippines News Agency, these changes follow a decrease in international oil prices after tensions between Iran and Israel were partly diffused. The decrease came after US President Donald Trump announced a ceasefire between the two countries. Previously, oil prices had surged to over USD80 per barrel in the fourth week of June following Israel's attack on Iran's nuclear facilities on June 23. However, prices have since dropped to below USD70 per barrel following the ceasefire announcement.
