Fuel prices predicted to increase this week

 (File Photo)
(File Photo)

CITY OF SAN FERNANDO --- Oil firms and the Department of Energy (DOE) forecasted hefty adjustments in the prices of gasoline, diesel and kerosene from June 25 to July 1.

The DOE forecast stated that gasoline prices may increase by P0.85 to P1.15 a liter, while diesel may go up between P1.55 to P1.85 per liter and kerosene by P1 to P1.10 per liter.

This latest round of price hikes comes after oil companies jacked up the prices of petroleum products by as much as P1.90 per liter last week.

“Relevant news for the week that push oil prices up are the continued geopolitical tensions and supply risks. Last June 18, Ukrainian drone strike caused a fire at a major Russian oil terminal while Israel's 'all out war' with Lebanon’s Hezbollah contributed to the tension,” said the DOE.

“The Organization of Petroleum Exporting Countries optimistic outlook that forecasted strong growth in global oil demand for 2024 and 2025, and the peak summer driving season in the Northern Hemisphere area also support oil prices,” the agency added.

The latest price hikes brought the year-to-date total adjustments of gasoline -- diesel and kerosene at net increases of P6.90 per liter, P6.00 per liter and P0.35 per liter, respectively.

Oil firms usually announce price adjustments every Monday, to be implemented Tuesday.

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