MANILA, PHILIPPINES — According to industry sources, another set of fuel price hikes is set to take effect this week, starting Tuesday, June 7, 2022.

According to forecasts, prices for gasoline per liter may rise from P2.50 to P2.70, while diesel may increase by P6.30/liter to P6.50/liter. Kerosene prices are also set to increase by P5.45/liter.

A few oil companies have also started releasing price increase advisories.

Effective 12:01 am on June 7, Caltex will increase gasoline prices by P2.70/liter, diesel by P6.55/liter and kerosene by P5.45/liter.

Effective 6:00 am on June 7, Seaoil and SHELL will increase gasoline prices by P2.70/liter, diesel by P6.55/liter and kerosene by P5.45/liter.

Effective 8:01 am on June 7, Cleanfuel will increase gasoline prices by P2.70/liter and diesel by P6.55/liter.

The previous price adjustments increased gasoline by P3.95/liter, while diesel prices decreased by P2.70/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.

Director of the Department of Energy’s Oil Industry Management Bureau, Rino Abad, said one of the reasons for the increase is due to the demand in the northern hemisphere countries currently in their summer peak from June to September.

Additionally, the European Union’s ban on Russia’s oil imports continues to pressure oil prices. EU leaders have just agreed to decrease oil imports from Russia by around 90% over the next few months as a sanction for the country’s continuing invasion of Ukraine.

The easing of lockdown in China is also another factor in the new fuel price adjustments. – WhatALife!

Source: (1)

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Also read: Fuel prices effective May 31, 2022