Gas prices up P0.60; diesel down P0.80

MANILA, Philippines, August 19 ------ Oil companies are set to hike gasoline prices today, while the further decline in diesel and kerosene prices may provide some relief for motorists. In separate advisories, Petron, Shell, Caltex and Seaoil announced an increase of P0.60 per liter for gasoline and price cuts of P0.80 and P0.90 per liter for diesel and kerosene, respectively. Jetti, Petro Gazz, Cleanfuel and PTT Philippines would apply the same adjustments, except for kerosene, which they do not offer.

The rollback was a result of OPEC+’s aggressive supply growth outlook and the weaker global demand forecast by the International Energy Agency, according to the Department of Energy. “Easing trade war concerns after the US and China extended a pause on higher tariffs and demand optimism spurred by the prospect of a potential US interest rate cut in September have put a floor on oil prices,” Jetti president Leo Bellas said. “The uncertainty of the US-Russia peace talks that could affect Russian oil exports continues to add a bullish risk premium, given that Russia and buyers of Russian oil could face more economic pressure should a deal not happen,” he added.

Last week, oil firms rolled back gasoline, diesel and kerosene prices by P0.40, P1.50 and P1.30 per liter, respectively.

Source: philstar.com