Pump prices for petroleum products will be reduced on Tuesday, July 12, identifying the second week in a row, fuel companies announced Monday.

Separately, Pilipinas Shell Petroleum Corp. and Seaoil Philippines Inc. announced price cuts of P5.70 per liter of gasoline, P6.10 for diesel, and P6.30 for kerosene.

Cleanfuel and Petro Gazz will make the very same changes, with the exception of kerosene, which they do not carry.

The modifications will go into effect at 6 a.m. except for Cleanfuel, which will adjust prices at 8:01 a.m. on Tuesday, July 12. both on the same day

The most recent price cut is the largest so far this year, despite the global price increase.

Last week, the Director of the Department of Energy-Oil Industry Management Bureau, Rino Abad, stated that motorists can expect a significant price reduction in petroleum product pump costs this week.

The following conclusions have been reached by the energy official for the price changes:

The Shanghai lockdown, interest rate hikes in various countries, and the threat of a recession could all lead to demand destruction.

Year-to-date adjustments from the Department of Energy show a real gain of P30.00 per liter for gasoline, P42.90 per liter for diesel, and P36.35 per liter for kerosene as of July 5, 2022.