MANILA, PHILIPPINES – Several gasoline stations in the Philippines are expecting an oil price increase on Tuesday (June 25, 2024).
The Department of Energy-Oil Industry Management Bureau announced that gasoline prices may increase by P0.85 to P1.15 per liter, diesel may go up by P1.55 to P1.85 per liter, and kerosene by P1.00 to P1.10 per liter.
Fuel Companies Eye Big-Time Oil Price Hike Next Week
Big-Time Oil Price Hike Expected Next Week, Fuel Companies
OIL PRICE UPDATE – Various fuel companies in the Philippines are expecting a big-time oil price hike next week.
Rodela Romero, Director III of the Department of Energy-Oil Industry Management Bureau said that Filipino motorists should brace for another increase in fuel prices including gasoline, diesel and kerosene next week.
Several factors are driving this increase, including geopolitical tensions, potential supply disruptions, and strong global oil demand forecasts.
DOE announced that gasoline prices may increase by P0.85 to P1.15 per liter, diesel may go up by P1.55 to P1.85 per liter, and kerosene by P1.00 to P1.10 per liter.
Oil prices have increased as a result of recent international events, such as Israel and Hezbollah’s battle in Lebanon and Ukraine utilizing drones to strike a Russian oil facility.
Prices are also increasing as a result of the busy summer driving season in the Northern Hemisphere and OPEC’s optimistic assessment of global oil demand. According to Jetti Petroleum, prices are expected to rise during the first part of this week based on foreign currency rates and the Mean of Platts Singapore (MOPS).
The business projects a P1.70–P1.80 increase in diesel prices and a P1.10–P1.20 increase in gasoline prices per liter.
Every Monday, oil companies often release their price increases, which go into effect the next day.
According to the latest data of the Department of Energy, retail prices for gasoline, diesel, and kerosene in Metro Manila range from P55.40 to P79.50 per liter, P50.94 to P66.75 per liter, and P71.09 to P81.09 per liter, respectively.
By the end of June, drivers could expect yet another wave of price increases at nearby gas stations, according to confirmation from the Department of Energy. Romero emphasized that the war between Russia and Ukraine, as well as Middle East concerns, are factors driving up oil prices.
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