Local fuel retailers will implement mixed price adjustments today, July 29, as a result of contrasting developments in global crude prices.
However, some of them will defer the diesel price adjustment in typhoon-affected areas. in support of the Department of Energy’s (DOE) request for a cost freeze.
In separate announcements, oil companies said motorists can expect pump prices for gasoline to decrease by P0.10 per liter. On the other hand, diesel will increase by P0.60 per liter while kerosene will go up by P0.40 per liter on Tuesday (July 29).
Seaoil said it will defer the diesel price adjustment this week in typhoon affected areas in the regions of Ilocos and Cagayan Valley.
Jetti Petroleum will follow suit and hold diesel price increases in the National Capital Region as well as the provinces of Pangasinan, Pampanga, Bataan, Cavite, Rizal, Bulacan, Oriental Mindoro and Negros Occidental.
Seaoil will implement increases across all three fuel types while Jetti will cut prices for gasoline and diesel as it does not offer kerosene products.
Both Seaoil and Jetti will increase prices at 6:00 a.m.today.
Earlier, Jetti Petroleum President Leo Bellas, said the US government announced considering sanctions against Russian oil to end the war in Ukraine but traders noted that it only had minimal impact on global crude supplies last week.
“Sentiments have improved following a trade deal between US and Japan, providing optimism on other trade negotiations,” Bellas said.
“Signs of improving demand following the large decline in US crude oil and gasoline stockpiles have also provided support to oil prices,” he added.
Diesel prices will increase as it remains supported by tighter regional availability and firm demand but buildups in inventory of key trading hubs point to softening demand which caused gasoline prices to soften, the Jetti executive said.
Prior to the scheduled mixed price adjustments today, fuel retailers have implemented a total per liter price upticks equivalent to P1.10 for gasoline, P2.50 for diesel and P1.50 for kerosene in the last two weeks.
