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Manila Bulletin devider Business devider The Economy devider Fuel prices going down again on Tuesday

Fuel prices going down again on Tuesday

Published Jul 7, 2025 10:47 am
Motorists are getting another round of relief as oil prices are set to go down further this week.
Starting Tuesday, July 8, gasoline prices will decrease by ₱0.70 per liter, diesel by ₱0.10 per liter, and kerosene by ₱0.80 per liter.
Shell Pilipinas, Seaoil, PetroGazz, and PTT are among the few oil companies that have announced these adjustments.
These fuel price adjustments were caused by an increase in output, as ING Economics explained in a report on Monday, July 7, that, ”Larger supply hikes increase the scale of the surplus in the oil market later in the year.”
”This supports the view that there’s further downside for oil prices,” the Dutch financial giant added.
Recently, oil-producing nations have agreed to raise their supply by 548,000 barrels of oil per day (b/d) by August, which is said to be larger than expected.
”The latest supply-increase announcement comes at a time when there’s increased uncertainty on the trade front with the Trump administration’s deadline for the 90-day pause in reciprocal tariffs ending on July 9,” ING noted.
Moreover, Saudi Arabia has raised its official selling price (OSP) for its crude oil loading next month, increasing its Arab Light into Asia by $1 per barrel to $2.2 per barrel over the benchmark.
This week’s price decline is also attributed to the easing of Middle East tensions. However, analysts from Jetti Petroleum and the Department of Energy (DOE) Oil Industry Management Bureau (OIMB) are concerned that Iran’s nuclear program dispute could affect prices moving forward.
In the last week of June, the average price of gasoline stood between ₱56.15 and ₱70.25 per liter, and diesel was at around ₱58.30 to ₱61.30 per liter.

Related Tags

oil prices ING Asia-Pacific Jetti Petroleum Department of Energy-Oil Industry Management Bureau (DOE-OIMB)
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