OIL prices are down after last week’s mixed price movements.
Caltex and Seaoil reduced per liter prices by P0.75 on gasoline, P0.85 on diesel and P0.80 on kerosene.
PTT and Jetti adjusted per liter prices downward by P0.75 on gasoline and P0.85 on diesel.
Today’s fuel price movements were mainly caused by declining fuel demand from China as well as the increasing possibilities of ceasefire in Gaza.Data from the Department of Energy (DOE) as of July 23 showed Manila price per liter of gasoline (RON91) stood at P64.25, diesel at P60.90 and kerosene at P74.36.
DOE data also showed year-to-date adjustments as of the same date stood at a total net increase of P10.35 per liter for gasoline, P7.75 per liter for diesel and P0.50 per liter for kerosene.
Reuters reported as of Friday last week, Brent crude settled at $81.13 a barrel while West Texas Intermediate crude ended at $77.16 per barrel.
The report said this week’s price drop was mainly driven by concerns on declining Chinese demand for fuel following the release of data showing its total fuel imports dropped 11 percent in the first half of the year.
China is the biggest importer of fuel products in the world.
The report said since a ceasefire in Gaza has been gaining momentum, the situation in Middle East is expected to ease.
The report also said there are indications showing that a ceasefire will be reached between Israel and Hamas for an agreement to have a six-week ceasefire in exchange for the release of hostages particularly female, sick, elderly and wounded hostages.
