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.
Oil firms raised diesel and gasoline prices Tuesday as the international market turned bullish on fuel products amid positive indications on manufacturing in the U.S. and China — the world’s top oil consumers.
