Motorists will have a few more pesos to use on their other essentials as diesel and gasoline prices will be on a notable decline this week.
Fuel retailers Cleanfuel, Petrogazz, Pilipinas Shell, and Seaoil – in their respective advisories – said gasoline prices will decrease by P2.45 per liter for the period August 13 to 19, 2024.
During the same period, there will also be a P1.90 per liter price decrease in diesel and a P2.40 per liter decline in kerosene prices.
Industry analysts pointed out that the drop in prices this week had resulted from the appreciation of the Philippine peso against the US dollar as much as from the softening of prices in the international market.
“The sharp declines underscored the market’s continued struggle between the recession concerns and the geopolitical tensions,” said Rodela Romero, bureau director III of the Department of Energy-Oil Industry Management.
“Other bearish factors such as the growing concerns about lack luster consumption especially of China and a worsening outlook for global economy, and stronger peso outweigh bullish factors that push the oil prices up,” she added.
Romero expects the oil market to remain volatile “for the coming weeks.”
When these changes this week go into effect, the price of gasoline and diesel will have a net increase by P9.50 per liter and P6.65 per liter, respectively, since the start of 2024.
There will also be a net decrease of P0.75 per liter for kerosene as of August 6, 2024. (TCSP)
