Oil firms cut prices of products
After four consecutive weeks of price increases, oil retailers cut their prices effective on Tuesday.
In separate advisories, Shell Pilipinas, Seaoil, Jetti, Caltex, PetroGazz and Cleanfuel said the prices per liter for diesel and kerosene would go down by 95 centavos and P1.15, respectively. Gasoline, on the other hand, would be cheaper by 60 centavos per liter.
Rodela Romero, director of the Department of Energy’s (DOE) Oil Industry Management Bureau, said that the downward adjustments for this week’s oil prices could be attributed to cooler inflation print in China, which is considered a major crude importer.
Romero also cited Hurricane Beryl, which slammed parts of the United States earlier this month, saying the storm only led “to relatively little physical damage, allowing the United States to recover oil production, offsetting a larger than expected weekly draw in US crude inventories.”
“Thirdly, the dollar contributed to lower oil prices. Though on the later part of the week, oil markets start to focus again on fundamentals and geopolitical issues,” the DOE official said.
According to data from the DOE, as of July 9, the year-to-date increases in the per-liter prices of gasoline, diesel and kerosene already reached P10.85, P9.05 and P2.35, respectively.
