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Fuel prices rise anew on Tuesday

Business | The Economy

Fuel prices rise anew on Tuesday

By Gabriell Christel Galang

Despite signs that oil prices were returning to pre-conflict levels last week, motorists may need to ease off the gas pedal again due to another round of price hikes.

Seaoil Philippines Inc. announced on Monday, June 8, that diesel prices will increase by ₱5.77 per liter this week, while gasoline prices will rise by ₱0.30 per liter. Kerosene prices, despite ample buffer stocks, will increase by ₱8.10 per liter. These price adjustments will take effect on Tuesday, June 9.

The Department of Energy (DOE) has yet to provide the prescribed fuel price adjustments under Executive Order (EO) No. 110, which placed the country under a state of national energy emergency.

The outlook for peace talks between the United States (US) and Iran remains unclear, thus affecting middle distillate prices.

An oil industry expert earlier noted that any disruption in feedstock supplies could further deplete global inventories, especially as demand rises during the summer season. Gasoline supplies in Asia also remain tight.

To address future supply disruptions, the DOE is currently looking into expanding the country’s strategic fuel stockpile, which is estimated to be worth around ₱30 billion.

Related Tags

OIL PRICE HIKE gasoline Diesel kerosene

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