The motoring public can see a slight drop in fuel prices starting Tuesday after oil companies announced a price rollback on Monday, July 15, after four consecutive weeks of increases.
Gasoline prices will drop by P0.60 per liter for the period July 16 to July 22 following four weeks of price rises that resulted in a P4.80/L cumulative increase.
The price of diesel will decrease by P0.95 per liter following a P4.80/L increase in the previous month. Lastly, a P1.15 per liter price reduction is expected for kerosene.
The most recent advisories are consistent with forecasts from the DOE’s Oil Industry Management Bureau (OIMB), which cites Hurricane Beryl, the US dollar’s performance, and China’s dismal inflation figures.
“(Although) on the later part of the week, oil markets start to focus again on fundamentals and geopolitical issues. These are the relevant news on the international oil market,” Department of Energy (DOE) Oil Industry Management Bureau Director III Rodela Romero said last Friday.
Last week, oil companies raised the prices of gasoline, diesel and kerosene by P1.60, P0.65 and P0.60 per liter, respectively.
Once these changes go into effect, the price of gasoline and diesel will have increased by P10.25/L and P8.10/L, respectively, since the start of 2024. Kerosene prices, meanwhile, will have increased by P1.20/L net since the beginning of the year. (TCSP)
