Oil companies announced a big-time price cut on Monday.Pilipinas Shell, Cleanfuel and PetroGazz said they will lower the pump prices of diesel by P2.20 per liter and gasoline by P2.10 per liter.Pilipinas Shell said it will slash the cost of kerosene by P2.55 per liter.The price adjustment will be implemented on Tuesday, August 9, 2022.
Industry experts said oil prices came under a lot of pressure last week, as concerns over supply shortages were countered by expected declines in fuel demand due to fears of a global recession.Based on the Department of Energy's oil monitoring, as of August 2, 2022, oil companies have cut the price of diesel by P0.60-P0.75 per liter and kerosene by P0.75 per liter. On the other hand, the cost of gasoline increased by P0.75 per liter.