Fuel prices are dropping starting Tuesday (July 29) as crude supply continues despite conflict in oil producing countries.
Oil firms implemented price cuts for gasoline and a slight hike for kerosene Tuesday as global fuel supplies remained stable.
Oil firms are cutting pump prices again this week as global supply prospects brighten on optimism Libya can ramp up exports.
Diesel and kerosene prices are set to dip this week, confirming analysts’ forecasts of price correction as the onset of Ramadan diluted fuel demand from Islamic markets.
Oil firms have hiked pump prices by 45 centavos per liter for gasoline and 10 centavos per liter for diesel from July 1.
