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Mixed oil price movements on Tuesday as typhoon-battered regions get some respite

Business | The Economy

Mixed oil price movements on Tuesday as typhoon-battered regions get some respite

By Gabriell Christel Galang

Despite a slight drop in gasoline prices, diesel is expected to edge higher toward the end of July.

Starting Tuesday, July 29, gasoline prices will be down by ₱0.10 per liter, while diesel will increase by ₱0.60 per liter.

Kerosene prices will also jump by ₱0.40 per liter.

Seaoil, Petro Gazz, and Shell Pilipinas announced that they will defer the diesel price adjustment for typhoon-affected areas, particularly in Regions 1 (Ilocos Region) and 2 (Cagayan Valley).

The temporary price freeze for diesel is in line with the request from the Department of Energy (DOE), providing relief to provincces such as Ilocos Norte, Ilocos Sur, La Union, Pangasinan, Batanes, Cagayan, Isabela, Nueva Vizcaya, and Quirino.

ING Economics reported on Monday, July 28, that there could be a potential production hike from oil-producing nations by September to at least 280,000 barrels per day (bpd), signaling a more “aggressive” increase.

“The [OPEC+] group may feel emboldened to go with yet another large supply hike for September, given that prices are holding up relatively well despite supply increases already announced in recent months,” it said.

“We expect that OPEC+ will at least complete the full return of 2.2 million bpd of the additional voluntary supply cuts by the end of November.”

Previously, analysts pegged this week’s price adjustment to an unexpected decrease in the United States’ (US) crude inventories, while a trade deal between the US and Japan could spark positive negotiations.

Meanwhile, diesel’s recent increase could be attributed to higher demand and tight regional availability.

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