On Monday, several fuel companies announced another round of price cuts, continuing a trend of reductions for the third consecutive week for kerosene and diesel.
In their separate announcements, Seaoil Philippines Corp. and Shell Pilipinas Corp. revealed that starting Tuesday, July 30, they will lower gasoline prices by ₱0.75 per liter, diesel by ₱0.85 per liter, and kerosene by ₱0.80 per liter.
Cleanfuel will also implement these price cuts, but it does not sell kerosene. Its price adjustments will take effect at 12:01 a.m. on the same day, while the other companies will apply the changes at 6 a.m.
Some fuel companies have not yet announced their pricing plans for the week. The recent reductions align with the Department of Energy-Oil Industry Management Bureau’s (DOE-OIMB) forecasts, which anticipate “plentiful supplies and weak demand” in the oil market.
Last week, fuel prices saw an increase of ₱0.10 per liter for gasoline, while diesel prices dropped by ₱0.40 per liter and kerosene by ₱0.70 per liter.
So far this year, the cumulative price changes are a net increase of ₱10.35 per liter for gasoline, ₱7.75 per liter for diesel, and ₱0.50 per liter for kerosene, as of July 23, 2024.