đź“· Asia News Network
There will be a fuel price hike in gasoline, diesel, and kerosene starting Tuesday, May 28, the latest price alerts released by oil companies showed.
Different fuel advisories for the week of May 28 to June 3, 2024 released on Monday mentioned that the prices of diesel and gasoline would go up by 40 centavos each.
Kerosene, the primary component of aviation fuel and a necessary good for homes, businesses, and other establishments, would likewise see a P0.30 per liter hike.
The price of gasoline and diesel will have gone up by P7.55/L and P4.85/L, respectively, since the start of 2024, once these changes go into effect.
Oil firms increased the price of kerosene and diesel by P0.30 and P0.25 per liter, respectively, last week, while they decreased the price of gasoline by P0.10 per liter.
Pump prices may increase ahead of the Organization of the Petroleum Exporting Countries (Opec) meeting in June on the back of the depreciating Philippine Peso against the US Dollar, Department of Energy’s Oil Industry Management Bureau director Rodela Romero said last week.
“The estimated increases in the prices of petroleum products for next week are attributed to the Opec+ production cut where analysts are awaiting the June 1 meeting that will focus on their output policy; a stronger dollar that makes crude oil more expensive for nondollar economies and the rebound in demand from China,” Romero said. (TCSP)
