Motorists can look forward to slightly lower prices for petroleum products tomorrow, Tuesday, as oil companies implement reductions in pump prices.
For the period August 6 to 12, 2024, gasoline prices will decrease by P0.10 per liter, slightly building on last week’s P0.75/L reduction.
Diesel prices will also drop by P0.20 per liter, following a previous decrease of P0.85/L. Additionally, kerosene will see a price reduction of P0.45 per liter.
The recent adjustments align with the forecasts of the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), which cited decreased demand from China and the plans of OPEC and its partners to increase global market supply.
“The downward pressure is attributed to the weakening demand from China and the plans of OPEC+ to increase supplies in the world market,” Department of Energy-Oil Industry Management Bureau Director III Rodela Romero said.
“On the other hand, crude oil futures extended gains yesterday due to the escalating geopolitical risk from renewed conflict in the Middle East and the lower US crude inventories,” Romero added.
After these adjustments take effect, gasoline prices will have increased by P9.50 per liter and diesel prices by P6.65 per liter since the beginning of 2024. Meanwhile, kerosene prices will have seen a net decrease of P0.75 per liter since the start of the year. (TCSP)
