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Fuel prices drop: Diesel leads rollback with ₱1.5 per liter drop

Business | The Economy

Fuel prices drop: Diesel leads rollback with ₱1.5 per liter drop

By Gabriell Christel Galang

Motorists can expect some relief in the second week of August, as fuel prices are set to decrease.

Effective Tuesday, Aug. 12, gasoline will see a price rollback of ₱0.40 per liter, while diesel will drop by ₱1.50 per liter.

Seaoil, Shell Pilipinas, and CleanFuel are among the few companies that reported these upcoming rollbacks.

Kerosene will also have a ₱1.30 per liter price slash.

Analysts had earlier attributed the downward adjustments to increased supply from oil-producing nations, the end of the Ukraine war, the easing of geopolitical tensions, and higher production in China.

Despite this, other geopolitical factors have prevented prices from declining further, such as higher Saudi Arabian prices for Asia.

Reuters recently reported that the US has yet to increase sanctions on Russia, a move that could boost global oil supply and lead to lower fuel prices.

ING Economics added the US plans to meet with Russia to discuss ending the war in Ukraine. If successful, this could lead to possible additional rollbacks in the future.

Brent crude has slowed down by 52 cents to $66.07 per barrel, while US crude declined to $63.30 per barrel.

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