The Department of Energy (DOE) on Monday announced minimal adjustments on the prices of gasoline, diesel and kerosene effective Tuesday, May 27.
The agency said that fuel firms will increase the price of gasoline by P0.10 per liter, while diesel and kerosene will decrease by P0.20 per liter, and kerosene by P0.40 per liter.
The DOE Oil Industry Management Bureau attributed the mixed price movements to the reported progress on the US-Iran nuclear deal and the additional crude oil storage capacity in Iran’s Export Terminal.
Oil Industry Management Bureau assistant director Rodela Romero said that the adjustments were also triggered by the easing of trade tensions between the US and China.
"It is also affected cooling trade tensions between the US and China, and optimism on global oil demand," Romero said.
OPEC remains optimistic about global oil demand growth despite economic risks.
Last week, oil firms jacked up the prices per liter of gasoline and kerosene by P1.20 each, and diesel by P1.70.