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Philippines
Tuesday, July 23, 2024

Gas price up, diesel down

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Oil prices will have a mixed movement starting 6am Tuesday with gasoline increasing by P0.55 per liter and diesel and kerosene having a price rollback of P0.95 to P1.10 per liter, respectively.

Department of Energy director for the oil industry management bureau Rino Abad said during the Bagong Pilipinas Ngayon TV briefing world oil prices was affected by reports from the International Energy Agency  and the Organization of the Petroleum Exporting Countries of a downgrade in global demand.

“There was a market correction because there was really no actual market disruption after the missile attacks between Israel and Iran,” Abad said.

Seaoil Philippines, Chevron Philippines, PTT Philippines, Jetti Petroleum, Cleanfuel and PetroGazz issued separate announcements of the latest oil price movement.

DOE director for the oil industry management bureau Rodela Romero said last week the domestic pump adjustments are attributed to the lingering factors of geopolitical conflict in the Middle East and the unexpected reduction of fuel demand in big economies like China and US.

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