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Gasoline, diesel to rise by ₱1.8/liter on Tuesday

Business | The Economy

Gasoline, diesel to rise by ₱1.8/liter on Tuesday

By Gabriell Christel Galang

Motorists will need to tighten their belts once more as fuel prices are set to increase this week.

Effective Tuesday, June 17, gasoline and diesel prices will both inch up by ₱1.80 per liter, while kerosene will go up by ₱1.50 per liter.

These adjustments have been announced by Shell Pilipinas, Caltex, Seaoil, CleanFuel, and PetroGazz.

Last week, analysts forecasted these price hikes based on the recent trade signals between the United States (US) and China, as well as trade negotiations between the US and Iran.

Concerns over supply disruptions and rising oil demand persisted, but prices remained moderate due to stable gasoline and diesel benchmarks in the Asian region.

So far this month, gasoline prices have increased by ₱2.80 per liter, while diesel prices have risen to around ₱3.05 per liter for June.

Kerosene was also raised to ₱1.70 per liter.

Amid recent tensions in the Middle East, especially between Iran and Israel, the Department of Energy (DOE) has downplayed the risk of significant disruptions to global oil supply and transportation, as former Energy Secretary Raphael P.M. Lotilla explained that this would have a minimal effect on the Philippines’ fuel supply and prices.

Nonetheless, he assured that oil prices will not go up to their alarming rates.

Related Tags

Oil price hike

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