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Manila Bulletin devider Business devider Diesel prices up by P1.75/liter; gasoline by P1.40/liter

Diesel prices up by P1.75/liter; gasoline by P1.40/liter

Published Jun 24, 2024 01:57 am

At A Glance

  • According to the price adjustment notices sent by the oil companies, the price of diesel products will rise by P1.75 per liter; while gasoline prices will also climb by P1.40 per liter; and kerosene by P1.05 per liter.<br> 

Consumers’ drive to the gas pumps entails new wave of financial pain, as prices will be on uptick again, based on the pricing advisories of the industry players.

According to the price adjustment notices sent by the oil companies, the price of diesel products will rise by P1.75 per liter; while gasoline prices will also climb by P1.40 per liter.

Additionally, the price of kerosene, which is a base product for aviation fuel and also an essential commodity for households and other key industries, will increase by P1.05 per liter.

As of this writing, the oil firms that already announced price hikes effective Tuesday (June 25) had been Shell Pilipinas Corporation, Cleanfuel and Seaoil Philippines; while their competitor-firms are anticipated to follow.

Global experts emphasized that prices in the world market were escalating in the past trading days due to array of factors – including apparent increase in demand, the strike of extreme weather events as well as renewed intensity of geopolitical risks.

For the Chinese market in particular, industry watchers noted that there was apparent hike in their demand as they have been on buying spree since last month, hence, that exerted pricing pressure on markets.

On the terrain of geopolitics, new assault by the Houthi militants at the Red Sea by sinking another bulk carrier last week, had added volatilities into world oil prices.

Amid demand hike in the US market, the development which provided counterweight had been its reported falling inventories for both crude and product inventories; and that provided added squeeze on supply to markets.

The onset of the hurricane season has likewise been aggravating threats on the operational track of oil facilities, not only in the US but also on the Gulf of Mexico.

As an oil import-dependent economy, the Philippines will remain vulnerable to the market dynamics affecting oil prices – not just in the Asian region, but also globally.

By Monday (June 24) trading, international benchmark Brent crude was still at the level of $84 per barrel, rising from leaner $$82 to $83 per barrel in the previous trading week.

Related Tags

Seaoil Philippines Oil prices Shell Pilipinas Corporation geopolitics oil demand growth
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