LPG prices rolled back but fuel prices set to increase anew

National

A BIT of good news is ushering in the month of August as prices of liquefied petroleum gas (LPG) are set to significantly drop.

The problem is, there’s also some bad news as fuel prices are set to shoot up again.

LPG consumers are seeing immediate relief as major suppliers rolled back prices starting Friday, August 1. Petron and Solane announced reductions of P2.50 and P2.45 per kilo, respectively.

“This reflects the international contract price of LPG for the month of August,” Petron stated in an advisory.

For households using an 11-kilogram LPG tank, the adjustment means savings of up to P27.50.

Motorists, on the other hand, should prepare for higher fuel expenses next week. Industry projections point to an increase of P1.50 to P1.70 per liter for gasoline, P0.80 to P1 for diesel, and about P0.80 for kerosene. Final price movements will be confirmed Monday and implemented the following day.

The anticipated hikes come amid renewed global supply concerns.

According to the Department of Energy (DOE), international oil prices have risen following fresh sanctions by the United States on the Russian and Iranian oil sectors, as well as new European Union restrictions tied to the ongoing war in Ukraine.

Jetti Petroleum president Leo Bellas noted the continued rise in diesel prices, pointing to constrained supply conditions.

“Diesel prices continued to strengthen week-on-week as supply tightened, while the bigger-than-expected decline in US gasoline stocks supported the view of a strong driving season and as peak summer demand surges,” Bellas said in a Philstar report.(MyTVCebu)