Oil price rollback of up to P2.20 a liter set on July 1

Fuel price rollback of up P2.20/l set on July 1. INQUIRER FILE PHOTO

MANILA, Philippines – Oil firms will slash the prices of petroleum products by as much as P2.20 a liter in the first week of July, although not enough to offset last week’s big-time increase.

In separate advisories on Monday, Seaoil and Cleanfuel said diesel and gasoline prices would drop by P1.80 and P1.40 per liter, respectively.

READ: Fuel price rollback seen next week

Kerosene prices will also decrease by P2.20 a liter.

Industry players said last week that the potential rollback can be attributed to the ceasefire between Iran and Israel, which eased worries over global supply disruption.

Last week, fuel retailers imposed a hefty pump price increase of as high as P5.20 a liter.

The government had said it was ready to roll out fuel subsidies to more than one million public utility vehicle drivers and operators, tricycle drivers, as well as ride-hailing drivers./tad