Local fuel retailers will raise gasoline prices by P0.60 per liter today, Tuesday, while reducing the prices of diesel and kerosene.
Diesel’s price will drop by P0.80 per liter, and that of kerosene will fall by P0.90 per liter.
Motorists can expect these adjustments from companies like Seaoil, Jetti, Caltex and Clean Fuel. Seaoil and Jetti will implement the changes at 6:00 am, with Caltex following at 6:01 am and Clean Fuel at 8:01 am.
The mixed price movements are due to varied trading signals in the global crude market, a fuel retailer said.
Jetti Petroleum Inc. President Leo Bellas noted a rising supply of diesel has slowed demand, while gasoline demand remains strong due to the ongoing summer driving season in the United States.
Bellas said that bearish inventory and supply data, along with worries of declining demand, have weighed on prices, with US crude and diesel inventories rising more than expected.
Conversely, easing trade war concerns between the US and China, and the possibility of a US interest rate cut in September, have kept a floor on oil prices.
These mixed adjustments follow last week’s price rollbacks of P0.40 per liter for gasoline, P1.50 for diesel, and P1.30 for kerosene.
With this week’s changes, the year-to-date net increase in fuel prices stands at P11.40 per liter for gasoline, P11.95 for diesel, and P1.75 for kerosene.
