Mixed fuel prices seen on July 7

MANILA, Philippines – Motorists can expect lower gasoline prices but higher diesel and kerosene prices this week.

In a media briefing on Monday, Department of Energy Secretary Sharon Garin said oil firms could cut gasoline prices by as much as P1.75 per liter for July 7 to 13, although they may also keep prices unchanged or raise them by up to P0.25 per liter.

READ: Diesel prices seen rising anew on July 7

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Diesel prices, meanwhile, may increase by P1.57 to P3.57 per liter, while kerosene prices could go up by P1.70 to P3.70 per liter, based on the allowable adjustment ranges released by the DOE’s oil industry management bureau.

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Despite the expected increase in diesel and kerosene prices, Garin said global oil markets had started to stabilize following weeks of volatility triggered by geopolitical tensions in the Middle East.

READ: US, Iran agree to pause attacks, meet in Qatar – US media

“The good news is the average price has already fallen below $80 per barrel,” she said, noting that the industry was beginning to calm after the recent price spikes.

Garin added that while a return to pre-war oil prices would not happen immediately, the recent decline in crude prices suggested that the worst of the market turbulence may already be over.

She said the adjustment back to pre-conflict price levels could take several more weeks or even months, but expressed optimism that fuel prices would continue easing if global conditions remain stable. /pai INQ

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