MANILA, PHILIPPINES — Another set of fuel price hikes is set to take effect on Tuesday, June 28, 2022, according to industry sources.
On a June 25 forecast, prices for gasoline per liter were expected to rise between P0.10 to P0.20 per liter and diesel by P1.20 to P1.40 per liter. In addition, kerosene prices were also set to increase by P0.00 to P0.20 per liter.
Oil firms confirmed the fuel price increase through separate advisories on Monday.
Effective 6:00 am on June 28, Pilipinas SHELL and SEAOIL will increase gasoline prices by P0.50/liter, diesel by P1.65/liter, and kerosene by P0.10/liter.
Effective 12:01 am on June 28, Caltex will increase gasoline prices by P0.50/liter, diesel by P1.65/liter, and Kerosene by P0.10/liter.
Effective 08:01 am on June 28, CleanFuel will increase gasoline prices by P0.50/liter and diesel by P1.65/liter.
(You may bookmark this page for advisories from other oil companies.)
On June 21, fuel prices rose by P0.80/liter for gasoline, diesel by P3.10/liter, and kerosene by P1.70/liter. Meanwhile, previous price adjustments on June 14 were P2.15/liter increase for gasoline, diesel by P4.30/liter, and kerosene by P4.85/liter.
According to the Department of Energy (DOE) Oil Monitor, the net increase in fuel prices in the country as of this year is P29.50/liter for gasoline, P44.25/liter for diesel, and P39.65/liter for kerosene.
The new set of price hikes are the lowest since the four successive weeks (five for diesel) of increases.
Atty. Rino Abad, DOE Oil Industry Management Bureau Director, said last week that the increase in prices could be attributed to the Philippine peso’s current performance against the US dollar.
He said that fuel prices may have declined were it not for the peso depreciation.
On Friday last week (June 24), the peso weakened to about P54.98 to the US dollar. During the June 13-17 trading days, the peso depreciated by P0.44 against the US dollar, or to P53.36 from P52.93. – WhatALife!
Also read: Fuel price hikes effective June 21, 2022