CITY OF SAN FERNANDO---The Department of Energy (DOE) forecasted over the weekend cuts in the prices of gasoline, diesel and kerosene on July 16.
According to the DOE Oil Industry Management Bureau, gasoline prices will decrease by P0.60 per liter, diesel by P0.95 per liter and kerosene by P1.15 per liter.
The rollback on Tuesday will come after oil firms jacked up fuel prices June 18. Then on July 9, 2024, oil companies implemented an increase on the prices of gasoline, diesel and kerosene by P1.60, P0.65 and P0.60 per liter, respectively.
The DOE said the forecasted decrease in fuel prices is a result of three factors: the weak China inflation data, Hurricane Beryl and the status of the dollar.
“Firstly, crude falls on weak China inflation data pointing to soft consumer confidence and the potential stimulus measures from Beijing to boost demand. Secondly, apart from shipping delays and platform evacuations, Hurricane Beryl seems to have led to relatively little physical damage, allowing US to recover oil production, offsetting a larger than expected weekly draw in US crude inventories,” the DOE said.
The third, it said, is that the dollar contributed to lower oil prices. "Though in the later part of the week, oil markets start to focus again on fundamentals and geopolitical issues. These are the relevant news on the international oil market," the agency said.