Motorists can expect varied changes in fuel prices this week, as oil firms rolled back the kerosene and diesel prices for the second straight week while gasoline prices will rise marginally starting Tuesday, July 23.
After declining last week after several price increases, gas prices will rise by P0.10 per liter for the period July 23 to July 29, 2024.
As for diesel, it will cost P0.40 less per liter, following the pattern from last week. Lastly, a P0.70 per liter price reduction is planned for kerosene.
The latest updates align with the projections from the Department of Energy’s Oil Industry Management Bureau (DOE-OIMB), which are based on the global demand outlook.
“Crude oil prices lost their gaining streak on the early part of the week as market participants remained cautious over the global demand outlook with top importer China experiencing slow economic growth,” Department of Energy-Oil Industry Management Bureau Director III Rodela Romero said.
“Also, there is an expectation of higher crude flows from Iran. But yesterday’s trading and relevant news showed demand optimism after US crude inventories declined,” she added.
Last week, companies reduced prices per liter by P0.60 for gasoline, P0.90 for diesel, and P1.15 for kerosene.
When these changes this week go into effect, the price of gasoline and diesel will have increased by P10.35/L and P7.70/L, respectively, since the start of 2024.
Since the year’s beginning, the price of kerosene will have increased net by P0.50/L. (TCSP)
