Oil firms will boost fuel prices once more towards the end of the first half of 2024, with diesel seeing the largest rise.
Diesel prices for the week of June 25 to July 1, 2024 will rise by P1.75 per liter, the same as they did the previous week.
Price increases for gasoline and kerosene will both be P1.40 per liter, higher than the P0.85 per liter rise from last week.
After these changes take effect, the price of diesel and gasoline will have increased by P7.75/L and P8.30/L, respectively, since the start of 2024. Prices for kerosene, meantime, will have increased net by P1.40/L since the beginning of the year.
“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’sHezbollah contributed to the tension,” Department of Energy’s Oil Industry Management Bureau Director Rodela Romero said. (TCSP)
