The Department of Energy (DOE) is expecting to implement an oil price hike starting on Tuesday (July 9, 2024).
Oil Industry Management Bureau Director III Rodela Romero announced another increase in fuel prices for the fourth consecutive week. However, oil firms are set to make a final announcement on Monday (July 8).
Fuel Firms to Implement Oil Price Hike for 4th Straight Week
Oil Price Hike Expected Next Week, DOE Say
OIL PRICE UPDATE – Various fuel firms in the country are set to implement oil price hike for the fourth straight week.
The Department of Energy (DOE) advised Filipino motorists to brace for another increase in fuel prices for the fourth consecutive week in the second week of July. Oil Industry Management Bureau Director III Rodela Romero confirmed the upcoming fuel price increases.
Gasoline prices are expected to increase by P1.25 to P1.50 per liter, diesel prices could go up by P0.40 to P0.60 per liter, and kerosene prices are expected to jump by P0.60 to P0.80 per liter.
Romero explained that these hikes are due to several factors including unexpected withdrawals from US oil inventories, and ongoing geopolitical conflicts in Europe and the Middle East are all contributing to the rising costs.
The international prices for gasoline, diesel, and kerosene have gone up by approximately $1.50, $1.00, and $0.80 per barrel, respectively. It follows a recent increase on July 2, 2024, when oil companies raised prices by P0.95 for gasoline, P0.65 for diesel, and P0.35 for kerosene.
The latest year-to-date shows total net price increases for these fuels are P9.25 per liter for gasoline, P8.40 per liter for diesel, and P1.75 per liter for kerosene.
In Metro Manila, gasoline prices range from P55 to P81.75 per liter, diesel prices range from P52 to P70.25 per liter, and kerosene prices range from P74.04 to P84.04 per liter.
The recent hike in global oil prices can be attributed to several geopolitical tensions. These include Houthi attacks in the Red Sea, conflicts between Israel and Hezbollah, and Ukrainian drone strikes on Russian oil infrastructure.
The Philippine peso has slightly depreciated against the US dollar, averaging P58.78 compared to P58.74 the previous week.
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The DOE expects fuel companies to announce these price adjustments on Monday, which will take effect the following day.
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