MANILA — The Department of Energy (DOE) announced on Friday that gasoline prices may increase while diesel and kerosene prices are likely to decrease in the last week of July.
According to the latest trading in the Mean of Platts Singapore (MOPS), oil prices may change as follows on Tuesday, July 23:
Gasoline: No adjustment or an increase of P0.20 per liter
Diesel: Decrease of P0.30 to P0.60 per liter
Kerosene: Decrease of P0.60 to P0.70 per liter
The DOE noted that crude oil prices stopped rising earlier this week as the market remained cautious about global demand. Additionally, China’s economy, the world’s top crude oil importer, is growing at a slower pace.
The DOE also mentioned that the market is anticipating higher crude oil flows from Iran, despite a decline in US crude inventories.
Final price adjustments will be determined by Friday’s trading, the DOE said.
In the week of July 16, local oil prices fell, ending a four-week streak of price increases.
Mid-July Oil Prices Decline.