Fuel prices to surge in 2nd week of July 2024

Fuel prices
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MOTORISTS should brace for another round of fuel price hike in the second week of July, marking the fourth consecutive week of increases, according to the Department of Energy (DOE).

The DOE projected the following price adjustments per liter:

Gasoline: P1.25 to P1.50 increase

Diesel: P0.40 to P0.60 increase

Kerosene: P0.60 to P0.80 increase

Rodela Romero, Director III of the DOE's Oil Industry Management Bureau, attributed the price hikes to growing fuel demand, an unexpected drawdown in US inventories, and ongoing geopolitical tensions in Europe and the Middle East.

The latest adjustments will bring the year-to-date total increases to P9.25 per liter for gasoline and P8.40 per liter for diesel.

Kerosene prices will have a net increase of P1.75 per liter since the start of 2024. (Jessa M. Magbutay, NWSSU intern)


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