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Fuel prices set to increase Tuesday after two weeks of rollbacks

Business | The Economy

Fuel prices set to increase Tuesday after two weeks of rollbacks

By Gabriell Christel Galang

After two consecutive price rollbacks, fuel prices are set to increase this week.

Starting Tuesday, May 20, gasoline prices will increase by ₱1.20 per liter, diesel by ₱1.70 per liter, while kerosene will go up by ₱1.20 per liter.

Shell Pilipinas, Caltex, Seaoil, PetroGazz, and CleanFuel are among the oil companies that have announced these price movements.

Prior to this price spike, gasoline prices last week dropped by ₱0.55 per liter, diesel saw a price slash of ₱0.65 per liter, and kerosene was down by ₱0.90 per liter.

Last week, analysts predicted that these price increases were brought by the trade talks between the United States (US) and China, raising the demand for fuel.

Additionally, the US-imposed sanctions on Iran drove up prices this week, alongside the declining inventory in the country.

Oil-producing countries are also expecting that the geopolitical temperatures cooling down would raise the seasonal demand for fuel supply.

Related Tags

Oil price hike oil prices

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