GASOLINE PRICES TO GO UP, DIESEL AND KEROSENE DOWN
Starting Tuesday (July 23) prices of diesel and kerosene will go down while gasoline will increase (Photo courtesy of Philippine Daily Inquirer)
Days after the Department of Energy (DOE) and local oil companies announced that there will be a mixed movement on oil prices, diesel and kerosene prices go down while gasoline prices go up effective today July 23 after the 3rd State of the Nation Address of President Ferdinand Marcos Jr.
According to DOE Assistant Director Rodela Romero, the reduced production cut of the organization of the petroleum exporting countries and the deferment of the interest rate cut of the United States as well as the economic slowdown of China is the main reason for the mixed movement in the prices of fuel. Gasoline prices went up due to the reduced inventory of the US.
Oil companies’ advisories in pump prices:
Shell Pilipinas, Seaoil (effective 6 a.m.)
Gasoline - P0.10/L increase
Kerosene - P0.70/L decrease
Diesel - P0.40/L decrease
Petrogazz, Jetti Petroleum, Unioil (effective 6 a.m.)
Gasoline - P0.10/L increase
Diesel - P0.40/L decrease
Caltex (effective 6:01 a.m.)
Gasoline - P0.10/L increase
Kerosene - P0.70/L decrease
Diesel - P0.40/L decrease
Cleanfuel (effective 12:01 a.m.)
Gasoline - P0.10/L increase
Diesel - P0.40/L decrease
Thus, the government is monitoring the impact on oil prices of the worsening geopolitical conflict in the Middle East particularly the conflict between Israel and its enemies.
The year-to-date net increase for all petroleum products now reached P10.35/L for gasoline, P7.70 per liter for diesel, and P0.50 per liter for kerosene as of July 23, 2024.
Source: ABS-CBN News
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