OIL prices will have a mixed movement effective 6 a.m. Tuesday with diesel and kerosene having a price rollback and a minimal increase for gasoline to reflect the fluctuation of prices in the world oil market.
The oil firms announced a cut in the price of diesel and kerosene by P0.40 and P0.70 per liter, respectively, while gasoline will go up by P0.10 per liter.
Seaoil Philippines, PetroGazz, Jetti Petroleum, Cleanfuel, PTT Philippines and Chevron Philippines issued separate announcement on the latest oil price movement.
Department of Energy director for the oil industry management bureau Rodela Romero said last week gasoline prices may have no adjustment or increase of P0.20 per liter, while diesel will have a price rollback of P0.30 to P0.60 per liter and kerosene by P0.60 to P0.70 per liter.
“Crude oil prices lost their gaining streak on the early part of the week as market participants remained cautious over the global demand outlook with top importer China experiencing slow economic growth,” Romero said.
“Also, there is an expectation of higher crude flows from Iran. But yesterday trading and relevant news showed demand optimism after US crude inventories declined,” she said.
On July 16, 2024, the oil companies implemented a decrease on the prices of gasoline, diesel and kerosene by P0.60, P0.90, and P1.15 per liter, respectively.
Year-to-date, total adjustment of the said respective products stand at net increase of P10.25 per liter, P8.15 per liter and P1.20 per liter, respectively.
Meanwhile, the DOE reminded oil players to have a written agreement prior to the actual swapping of liquefied petroleum gas (LPG) tanks.
In a memorandum, the DOE said Section 31 of Republic Act 11592, or the LPG Industry Regulation Act (LIRA), directs the agency, together with the Department of Trade and Industry (DTI), to formulate an LPG Cylinder Exchange, Swapping, and Improvement Programs, with the aim, among others, to allow the end-consumers a freedom of choice in the purchase of LPG, and to be participated by all LPG industry participants.
The DOE said in the interim, as a measure to initially introduce the program, all LPG Marketers and trademark owners are allowed to undertake brand-to-brand swapping of opposition cylinders in their possession under the several conditions.
This include having a written agreement, copy furnished the concerned DOE Field Office and DOE-Oil Industry Management Bureau (DOE-OIMB); allowed only those only with valid DOE license to operate, swapping shall be undertaken in either of the swapping parties' premises and within their common trading area; and LPG cylinders subject for swapping shall be PNS compliant.
