Fuel price hike forecasted

Fuel price hike forecasted

CITY OF SAN FERNANDO --- The Department of Energy (DOE) over the weekend forecasted another round of increase in the prices of gasoline, diesel and kerosene.

The forecast for the first week of July, the third straight week of price hikes, shows that gasoline may increase by P0.50 to P0.80 per liter, diesel by P0.30 to P0.60 per liter and kerosene by P0.20 to P0.40 per liter.

The DOE attributed the possible price hikes to crude oil futures, which were a bit higher as the global supply outlook remained threatened by the potential escalation of geopolitical unrest due to the drone attack of Ukraine hitting Russian refineries.

The agency added that the price adjustments are also a result of the production restriction of the Organization of Petroleum Exporting Countries and the forecast for the peak summer season demand starting in the third quarter of this year.

Last June 25, 2024, oil firms jacked up the price of gasoline by P1.40 per liter, diesel P1.75 per liter and kerosene by P1.90 liter.

These brought the latest adjustment of gasoline, diesel, and kerosene to a net increase of P8.30 per liter, P7.75 per liter and P1.40 per liter, respectively.

Fuel firms announce price adjustments every Monday, to be implemented the following day.

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