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Motorists brace for higher gasoline costs; diesel users get relief

Business | The Economy

Motorists brace for higher gasoline costs; diesel users get relief

By Gabriell Christel Galang

Gasoline-based motorists will need to tighten their belts once more as its price is set to increase this week.

Effective Tuesday, May 27, gasoline will raise its price by ₱0.10 per liter, however, diesel consumers will experience a ₱0.20 per liter drop.

Kerosene is also set to go down by ₱0.40 per liter.

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

What potentially caused these mixed adjustments were the latest negotiations on the United States (US) and Iran and between the US and China.

The US and Iran deals are said to raise concerns on Iran’s nuclear program, which in turn, would lessen the burden of the economic sanctions that were imposed by President Donald Trump.

Despite gasoline getting a pinch of price increase, Iran’s export terminal grew its crude oil storage, while there were weak US and Chinese economies observed last week.

According to Jetti Petroleum, oil-producing countries are set to increase their production by July.

Related Tags

oil price adjustment

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