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Gasoline up by ₱0.40, diesel ₱0.30 per liter effective Tuesday

Business | The Economy

Gasoline up by ₱0.40, diesel ₱0.30 per liter effective Tuesday

By Gabriell Christel Galang

Motorists may need to tighten their belts in the first week of June, as fuel prices are set to increase.

Starting Tuesday, June 3, gasoline prices will rise by ₱0.40 per liter, and diesel by ₱0.30 per liter.

Kerosene, on the other hand, will decrease by ₱0.10 per liter.

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

Last week, analysts pointed to economic developments in the United States (US) and other countries that influenced oil prices this week.

These include the trade deal between the US and the European Union (EU), as well as the new sanctions to potentially strike Russia.

The US-Iran trade deals also contributed to potential market optimism; however, with the US decision to pause crude oil exports from Venezuela rose concerns on tight global supply.

On the other hand, there has been an economic slowdown in Asia, particularly in countries like India, which contributed to the lowered demand forecasts.

Related Tags

oil price adjustment Oil price hike Department of Energy (DOE)

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