by Lynroe Francisco
After five weeks of continuous oil price hikes, the price of diesel will begin to fall on Tuesday, July 5.
Diesel prices are set to decrease by P3.00 and by P3.40 for kerosene. There will be no changes regarding the price of gasoline.
“Lahat ito nag-decrease. From last week tuloy-tuloy ngayong week yung decrease to the extent na ang ating diesel, 9USD and ibinaba per barrel pati ang kerosene,” Atty. Rino Abad, Director of the Department of Energy’s Oil Industry Management Bureau, said.
“Yun ang pinakamalaking factors – yung MOPS [Mean of Platts Singapore] price and yung ating forex,” he added.
According to the DOE, the sudden decrease in demand for diesel was caused by the lockdown in China and the increase of interest rates by different central banks. Report from Naomi Tiburcio/LF– ag
