Motorists can expect to see an increase of around P5 per liter for diesel prices next week, due to rising oil prices on the global market.
The Department of Energy (DOE) Oil Industry Management Bureau estimates the price increase will range from P2.50 to P3.00 for Gasoline, P4.30 to P4.80 for Diesel, and P4.25 to P4.40 for Kerosene.
The estimated increase in fuel prices will be felt on June 24 based on the four-day trading in Mean of Platts Singapore (MOPS)
Assistant Director Rodela Romero, DOE’s Oil Industry Management Bureau, pointed out that this possible increase is due to the “major oil price shock looming as the Israel-Iran conflict threatens critical global shipping passage.”
Last Tuesday, prices of gasoline and diesel already increased by P1.80 and kerosene climbed by P1.50 a liter.