Mixed Oil Price Adjustments Expected on Tuesday (July 23, 2024)
OIL PRICE UPDATE – Several fuel firms in the country are set to impose mixed oil price adjustments this week.
Starting Tuesday (July 23, 2024), Filipino motorists will experience a mix of changes in fuel prices as oil companies adjust their rates. The latest updates reveal that while the cost of gasoline is set to rise, the prices of diesel and kerosene will be reduced.
Chevron Philippines Inc. (Caltex), Seaoil Philippines Corp., and Shell Pilipinas Corp. have announced a P0.10 increase per liter for gasoline. At the same time, they will lower the price of diesel by P0.40 per liter and kerosene by P0.70 per liter.
Cleanfuel and PetroGazz will follow similar changes for gasoline and diesel, except for kerosene, which they do not sell kerosene.
Most gas stations will implement the price changes at 6 a.m. on Tuesday with Cleanfuel making the change at 12:01 a.m. the same day.
The looming price adjustments come after recent reductions in fuel costs. Last week, there was a rollback of P0.60 per liter for gasoline, P0.90 for diesel, and P1.15 for kerosene. These changes brought the year-to-date increases to P10.25 per liter for gasoline, P8.15 for diesel, and P1.15 for kerosene as of July 16, 2024.
The fluctuating prices are influenced by several factors, including global oil market trends and economic conditions.
The Department of Energy has noted that market participants are closely watching global demand, particularly with recent economic slowdowns in major markets like China and shifting oil production patterns in countries like Iran.
This is a developing report, just visit this website regularly or refresh the page for further updates and information.
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