FOLLOWING last week’s price cuts, local pump prices will move in different directions today, August 19.
In separate advisories, oil companies said gasoline prices would increase by 60 centavos per liter. Diesel and kerosene, meanwhile, will be cheaper by 80 centavos and 90 centavos per liter, respectively.
Petron, Shell Pilipinas and Seaoil will implement the mixed price adjustment at 6 a.m., followed by Cleanfuel at 8:01 a.m.
The “aggressive” supply growth forecast from OPEC+ (Organization of the Petroleum Exporting Countries), which is expected to increase global inventory thus possibly pulling down prices, is one of the factors driving this week’s movements, according to the Department of Energy (DOE).
Rodela Romero, assistant director of the DOE’s Oil Industry Management Bureau, said other global news affecting local pricing is the International Energy Agency’s weaker global demand outlook and the easing trade tensions between the United States and China.
Jetti Petroleum President Leo Bellas said the prospect of easing sanctions following the meeting between US President Donald Trump and Russian President Vladimir Putin may contribute to this week’s price adjustment.
“The uncertainty of the US-Russia peace talks that could affect Russian oil exports continues to add a bullish risk premium, given that Russia and buyers of Russian oil could face more economic pressure should a deal not happen,” Bellas added. (Jordeene B. Lagare © Philippine Daily Inquirer)
