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MANILA, Philippines 鈥� After last week鈥檚 mixed price adjustment, local oil companies implemented price cuts effective on July 30.
In separate advisories on Monday, Seaoil, Shell Pilipinas, Cleanfuel, Petro Gazz and Jetti announced that the prices per liter of diesel would be slashed by 85 centavos, kerosene by 80 centavos and gasoline by 75 centavos.
READ: Another big-time fuel price hike looms next week
An official of the Department of Energy (DOE) attributed the downtrend to low demand and a projected increase in supply, as well as a brewing ceasefire deal in war-torn Gaza.
鈥淭he current trend leans bearish due to the oil market expectations of plentiful supplies and weak demand. Likewise, the Gaza ceasefire negotiation threatens to erode the geopolitical risk premium of crude and petroleum products,鈥� Rodela Romero, director of the DOE鈥檚 Oil Industry Management Bureau, said in a statement.
Romero also pointed to an ongoing 15-day price freeze on kerosene and liquefied petroleum gas after some areas hit by Supertyphoon Carina (international name: Gaemi) were placed under a state of calamity. 鈥�Lisbet K. Esmael