MANILA, PHILIPPINES — According to industry sources, another set of fuel price hikes is set to take effect this week, starting Tuesday, June 14 2022.
According to forecasts, prices for gasoline per liter may rise from P1.50 to P1.75, while diesel may increase by P4.25 to P4.50 per liter. In addition, kerosene prices are also set to increase by P4.75 to P5.00 per liter.
Effective 6:00 am on June 14, Pilipinas SHELL will increase gasoline prices by P2.15/liter, diesel by P4.30/liter and kerosene by P4.85/liter.
Effective 8:01 am on June 14, CleanFuel will increase gasoline prices by P2.15/liter and diesel prices by P4.30/liter.
Other oil companies have yet to announce their new price adjustments. (You may bookmark this page for updates on June 14, 2022 fuel price hikes.)
The previous price adjustments increased gasoline by P2.70/liter, diesel by P6.55/liter, and kerosene by P5.45/liter.
So far, the highest fuel price increase in the Philippines was on March 29, when diesel prices hiked by P13.15 per liter, gasoline by P7.10 per liter, and kerosene by P10.50 per liter.
When asked for the reasons behind the continued oil price hikes, Department of Energy-Oil Industry Management Bureau Director Rino Abad cited the following factors; (1) there is an increase in demand in northern hemisphere countries during their summer peak from June to September, (2) the easing of lockdown restrictions in China, (3) and EU sanction of Russia, decreasing its oil imports by 90%, resulting from its continuing invasion of Ukraine.
As of June 7, 2022, the net increase in oil prices, according to the oil monitoring of the Department of Energy (DOE), is P26.55/liter for gasoline, P36.85/liter for diesel and P33.10/liter for kerosene. – WhatALife!
Also read: Fuel prices effective June 7, 2022