Motorists are expected to pay more for fuel as oil companies will implement another round of price increases for the fourth week in a row starting Tuesday, July 9.
In separate advisories released on Monday, July 8, oil companies said the prices of diesel will increase by 65 centavos per liter and kerosene will increase by up to 60 centavos per liter.
Prices of gasoline, on the other hand, will increase by up to P1.60 per liter.
The latest announcements are in line with Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) over the weekend.
“Geopolitical tensions in the Middle East, an expectedly large withdrawals in the US crude inventories, and optimistic forecasts for summer fuel demand have all contributed to pushing prices in oil products higher,” DOE-OIMB director Rodela Romeo said. (TCSP)
