Filipino motorists will need to cough up higher budgets for their fuel consumption this week, as the price of gasoline had gone up by P0.50 per liter; and diesel by P0.40 per liter, according to the pricing advisories sent by the oil companies.
The oil industry players have similarly adjusted upwards the price of kerosene products at P0.30 per liter.
As of press time, the oil firms that already adjusted prices included Seaoil, Cleanfuel, Chevron, PTT Philippines and Total effective Tuesday (June 15); while their competitor-companies are all anticipated to follow.
Prices in the world market continued to rise last week on buoyed demand prospects, especially in countries that are already returning to ‘normalcy’ following success in their Covid-19 vaccination programs.
In fact, as crude prices were already surging US$70 to US$72 per barrel in the past trading days, there are assumptions that supply may continually run tight in the coming months as more robust economic activities are springing back in various parts of the world.
The appeal of market watchers then is for global oil producers to commit their preparedness to pump in more oil into markets as demand surges in the coming quarters.
Travel and driving season have also been returning in key countries, primarily in the United States — to which its citizens are now looking forward to spending their usual summer travel holidays; and that will be contributing to fuel demand upticks moving forward.