Pump prices down today

MANILA, Philippines, July 8 ------ The easing geopolitical tensions in the Middle East offered a slight relief at the pump, with prices going down by less than P1 per liter today. In separate advisories, Seaoil, Caltex and Shell announced price reductions of P0.70, P0.10 and P0.80 per liter for gasoline, diesel and kerosene, respectively.

Cleanfuel, PTT Philippines and Jetti would apply the same adjustments, except for kerosene, which they do not offer. The rollback was a result of the sustained ceasefire between Israel and Iran, which eased worries over oil supply disruptions, according to the Department of Energy.

The DOE said the possible reimposition of US tariffs this week also contributed to the downward adjustments, as such a move could dampen fuel demand. This week’s adjustments were lower than the earlier rollback projections of over P1 for gasoline, around P0.50 for diesel and about P0.80 for kerosene. “The freight and premium levels have remained elevated, resulting in a lower rollback,” Jetti president Leo Bellas explained.

Since January, gasoline, diesel and kerosene prices have increased by P8.30, P9.95 and P1.05 per liter, respectively. Last week, oil firms implemented per-liter price cuts of P1.40 for gasoline, P1.80 for diesel and P2.20 for kerosene.

Source: philstar.com