SHELL Pilipinas, Seaoil said a slight drop in fuel prices starting Tuesday, after four consecutive weeks of increases.
In separate advisories, Shell Pilipinas and Seaoil said the per-liter prices of diesel and kerosene would dip by 95 centavos and P1.15, respectively.
Gasoline prices would also go down by 60 centavos per liter.
Rodela Romero, director of the DOE’s Oil Industry Management Bureau, said downward adjustments for this week’s oil prices could be contributed to cooler inflation print in China, which is considered a major crude importer.
Romero also cited Hurricane Beryl, which slammed parts of America in early July, saying the storm only led “to relatively little physical damage, allowing the US to recover oil production, offsetting a larger than expected weekly draw in US crude inventories.”
“Thirdly, the dollar contributed to lower oil prices. Though on the later part of the week, oil markets start to focus again on fundamentals and geopolitical issues,” the DOE official said.
