Motorists will spend more at the fuel stations after the long holiday as oil companies will implement a significant price increase on gasoline and diesel prices tomorrow, June 18.
Diesel prices are set to rise by a substantial P1.75 per liter for the week June 18 to June 24, 2024, entirely offsetting the previous week’s P1.20 price reduction.
Additionally, the price of gasoline will increase by P0.85 per liter, and the price of kerosene will increase by P1.90 per liter.
After these changes are made, the price of gasoline and diesel will have gone up by P6.90 per liter and P6 per liter since the beginning of 2024. On the other hand, the kerosene prices will have gone up by P0.35 per liter since the start of the year.
Prices at gas stations usually go up or down every Monday, and the changes take effect the next day.
“We will be expecting an increase in the domestic pump prices of petroleum products by Tuesday next week due to the developments in the international oil market,” Department of Energy-Oil Industry Management Bureau Director III Rodela Romero said on Friday, citing oil trading in the past four days.
“Among the relevant news that contributed to the trajectory increase of oil prices are the upbeat global demand forecasts from EIA (Energy Information Administration) and OPEC (Organization of Petroleum Exporting Countries) coupled with data showing a sharper than expected drop in US crude inventories; uncertainties over the timing of the US Fed Reserves on the interest rate cut and the reduced Saudi exports to China and potential US reserve purchases,” Romero added. (TCSP)
