FOR the third straight week, another round of oil price hikes will be implemented starting June 21, with the highest increase in the cost of diesel, commonly used by public utility vehicles.
In separate announcements, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT Philippines, Seaoil, and Shell said there will be an increment of P0.80 per liter on gasoline, and P3.10 per liter on diesel prices.
Caltex, Seaoil, and Shell will also raise kerosene prices by P1.70 per liter.
Since the start of the year, gasoline prices have had a net increase of P27.95 per liter, P40.05 per liter for diesel, and P37 per liter for kerosene.
Energy Undersecretary Gerardo Erguiza Jr. said during the Laging Handa public briefing that the weaker peso last week has affected the prices of fuel products this week.
"Our multiplier in dollars... you will multiply it per barrel so there will be an increase in net effect. That's one reason why it really went up slightly again because your dollar went up," he added.
The peso closed last week at 53.75 to a US dollar.
Moreover, the world continues to bear the consequences of a tight petroleum supply amid the Russia-Ukraine conflict.
The rising fuel prices have also been attributed to the European Union's partial ban of imports from Russia and the easing of restrictions in China.
With the new price hike implemented this week, diesel prices have increased by nearly P13 in the past three weeks.
Effective last June 14, fuel firms hiked gasoline prices by P2.15 per liter and diesel by P4.30 per liter.
That brought the year-to-date adjustments to stand at a net increase of P28.70 per liter for gasoline and P41.15 per liter for diesel. (With reports from PNA)