With continued rally in prices in the world market, Filipino consumers will need to cough up heftier budgets this week for their fuel usage, as the price of gasoline will increase by P0.75 per liter; and diesel by P0.70 per liter.
The other commodity that will have higher price this week is kerosene, with P0.70 per liter hike as advised by the oil companies.
As of press time, the industry players that already announced upward adjustments on their pump prices effective Tuesday (June 22) had been Seaoil, Cleanfuel, PetroGazz, Chevron for its Caltex brand, Total and PTT Philippines; while their competitor-firms are anticipated to follow.
For the month of June alone, gasoline prices already climbed by aggregate P2.25 per liter – with the price increases amounting to P0.80 per liter last June 1; P0.20 per liter on June 8; P0.50 per liter on June 15; and now at P0.75 per liter.
For diesel products, increases for the month summed up to P2.05 per liter at P0.40 per liter (June 1); P0.55 per liter (June 8); P0.40 per liter (June 15) and P0.70 per liter (June 22); while for kerosene, total increases had been P1.85 per liter at P0.25 per liter (June 1); P0.60 per liter (June 8); P0.30 per liter (June 15); and P0.70 per liter (June 22).
Consumers are being cautioned on successive increases in petroleum prices in the coming weeks, with experts seeing tightening of supply because of aggressive economic re-opening of countries that already gained traction on their Covid-19 inoculation activities.
Major oil consumers, primarily the United States, are also seen returning to their usual driving season for summer leisure activities and vacations, hence, that will further reinforce demand moving forward.
Asia though is now seen as a laggard when it comes to economic recovery as well as on travel re-opening, as more countries in the region are still distressed with rising cases of Covid-19 infections.
For the Philippines, in particular, the rising cost of international oil prices and the depreciating value of the US dollar versus the local currency has been raising concerns because this could entail more cash that it will spend to satiate the country’s oil requirements.
The incessantly rising oil prices had not also been coming as a source of comfort to workers who will be on a daily drive and commute to their places of work as the economy preps for wider re-opening.