Another big-time fuel price hike looms next week

Another big-time fuel price hike looms next week

/ 05:12 AM June 23, 2024

Another big-time fuel price hike looms next week

Inquirer file photo

MANILA, Philippines — The motoring public may brace for another oil price increase next week due to geopolitical conflicts, with industry players projecting close to P2 upward adjustments per liter.

In an advisory over the weekend, Unioil said fuel prices would climb anew from June 25 to July 1. It said the per-liter prices of diesel may go up by P1.70 to P1.90.

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Gasoline, meanwhile, may jump by P1.10 to P1.30 a liter. The estimates from the Department of Energy (DOE) also showed hefty price hikes. According to the DOE forecast, gasoline prices may increase by P0.85 to P1.15 a liter.

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READ: P2 fuel price increase expected next week

Increases in the per-liter prices of diesel and kerosene ranged between P1.55 to P1.85, and P1 to P1.10, respectively.

“Relevant news for the week that push the oil prices up are the continued geopolitical tensions and supply risks. Last June 18, Ukrainian drone strike caused a fire at a major Russian oil terminal while the Israel’s “all out war” with Lebanon’s Hezbollah contributed to the tension,” said Rodela Romero, director of the DOE’s Oil Industry Management Bureau.

Last week, oil companies increased the prices of petroleum products by as much as P1.90 per liter.

As of June 18, the DOE said gasoline, diesel and kerosene year-to-date adjustments stand at a per liter net increase of P6.90, P6.00 and P0.35, respectively. —Lisbet K. Esmael

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