Fuel prices will be raised once more on Tuesday, making this the third consecutive week of hikes following significant upward adjustments in the previous two weeks.
The price of cooking gas for Filipino homes will also increase this month oil companies announced a hike in liquefied petroleum gas (LPG) rates.
For the week July 2 to July 8, 2024, gasoline prices will rise by P0.95 per liter following the P1.40/L spike from last week.
Diesel prices will rise by P0.65 per liter as well, which is at least less than the P1.75/L increases of the previous two weeks.
There is also a P0.35 per liter price increase for kerosene.
Once the adjustments take effect, the price of diesel and gasoline will have increased by P8.40/L and P9.25/L, respectively, since the start of 2024. Prices for kerosene will have increased net by P1.75/L since the beginning of the year.
Meanwhile, Solane and Petron said separately over the weekend that LPG rates will increase by 55 centavos per kilogram, or around P6 for each 11-kg cylinder effective July 1.
The most recent announcements are in line with the Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) forecasts last Friday.
“Crude oil futures were a bit higher as the global supply outlook remained threatened by the potential escalation of geopolitical unrest, due to the drone attack of Ukraine hitting Russian refineries, the production restriction of OPEC (Organization of Petroleum Exporting Countries) and the forecast for the peak summer season demand starting third quarter of this year,” DOE-OIMB Director Rodela Romero said. (TCSP)
