A BIG-TIME rollback on fuel prices is set to take effect on Tuesday, July 12, 2022, firms announced Monday, July 11.In its respective announcements, Shell Philippines, Seaoil and Caltex said gasoline will be down by P5.70 per liter, diesel by P6.10 per liter and kerosene by P6.30.PetroGazz and Cleanfuel will also have the same price adjustments except for kerosene, which they do not carry.The price adjustments will take effect at 6 a.m. of July 12 except for Cleanfuel, which will implement the changes by 8:01 a.m.Department of Energy-Oil Industry Management Bureau Director Rino Abad earlier said that price decrease may be caused by the lockdown in Shanghai, China; interest hikes by various countries; and the threat of recession, which could cause demand destruction. (SunStar Philippines)