Oil firms roll out price mix

Motorists will face a fresh round of mixed fuel price adjustments starting tomorrow morning, with gasoline costs set to climb while diesel and kerosene prices are headed lower.

Oil companies announced Monday that the price of gasoline will increase by P0.60 per liter, while diesel will be reduced by P0.80 per liter. Kerosene prices, meanwhile, will go down by P0.90 per liter.

Jetti Petroleum Inc. President Leo Bellas said overall crude prices weakened last week amid prospects of eased sanctions on Russia if a ceasefire or peace deal materializes during the meeting between US President Donald Trump and Russian President Vladimir Putin. 

Bearish inventory and supply data also weighed on prices, as US crude and diesel stockpiles rose more than expected, raising concerns over softening demand.

At the same time, easing trade tensions between the United States and China and optimism over a possible US interest rate cut in September have helped support oil prices. 

However, uncertainty over the US-Russia peace talks continues to pose a bullish risk premium should negotiations fail to deliver an agreement.