A mixed fuel-price adjustments are expected this Tuesday which will range from P0.10 to P0.30 per liter decrease for gasoline and P0.40 to P0.60 increase per liter for diesel, based on the full five days of crude trading last week.
According to Jetti Petroleum Inc. President Leo Bellas, the US government also announced considering sanctions against Russian oil to end the war in Ukraine but traders noted that it only had minimal impact on global crude supplies last week.
“Sentiments have improved following a trade deal between US and Japan, providing optimism on other trade negotiations,” Bellas said. “Signs of improving demand following the large decline in US crude oil and gasoline stockpiles have also provided support to oil prices,” he added.
Diesel prices will increase as it remains supported by tighter regional availability and firm demand but buildups in inventory of key trading hubs point to softening demand which caused gasoline prices to soften, the Jetti executve said.
Prior to the scheduled price adjustments this Tuesday, fuel retailers have implemented a total per liter price upticks equivalent to P1.10 for gasoline, P2.50 for diesel and P1.50 for kerosene in the last two weeks.
Year-to-date prices in the country showed a net increase of P9.40 per liter for gasoline, P12.45 per liter for diesel and P2.55 per liter for kerosene.
For the period of July 15 to 21, Department of Energy data indicated that average per-liter prices in the National Capital Region were at P53.10 for RON 91 gasoline, P54.60 for diesel, and P72.80 for kerosene.
