Motorists across the Philippines are poised for changes in fuel prices as another round of adjustments looms. According to Department of Energy-Oil Industry Management Bureau Director III Rodela Romero, diesel and kerosene prices are expected to decrease, while gasoline might see an increase next week.
Romero indicated that recent oil trading activity over the past four days has shown varied movements, influencing the upcoming adjustments scheduled for Tuesday next week. She noted that gasoline prices may either remain unchanged or potentially increase by up to P0.20 per liter. Conversely, diesel prices are likely to drop between P0.30 to P0.60 per liter, with kerosene following suit with a projected decrease of P0.60 to P0.70 per liter.
The final adjustment figures will hinge upon the outcomes of Friday’s oil trading, Romero emphasized. She highlighted recent market dynamics, noting that crude oil prices initially faltered due to cautious sentiment regarding global demand, particularly amidst slower economic growth in China. However, optimism resurfaced with reports of potential increased crude flows from Iran and a decline in US crude inventories.
Traditionally, oil companies announce price revisions every Monday for implementation the following day. In the latest adjustment effective July 16, 2024, fuel prices saw a rollback, reducing gasoline, diesel, and kerosene prices by P0.60, P0.90, and P1.15 per liter, respectively.
Year-to-date adjustments now tally a net increase of P10.25 per liter for gasoline, P8.15 per liter for diesel, and P1.20 per liter for kerosene, reflecting the volatility and global influences impacting fuel costs.
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