Diesel seen to spike by more than P4/liter, gasoline over P1

Another round of big-time hikes in the prices of petroleum products is expected to whack motorists in the coming week, oil industry projections indicate.

In its fuel price forecast for June 14 to 20 trading week, Unioil said the price per liter of diesel may increase by P4.30 to P4.50 while gasoline prices may go up by P1.50 to P1.60 per liter.

An oil industry source, likewise, told GMA News Online that diesel prices may hike between P4.20 and P4.50 per liter while gasoline may climb by P1.40 to P1.70 per liter.

Sought for comment, Department of Energy-Oil Industry Management Bureau Director Rino Abad cited the following factors behind the projected fuel price hike:

• Summer time of the northern hemisphere countries from June to September
• Easing of lockdown in China
• European Union ban on Russian oil imports

“However there is an emerging report that China is going back again to lockdown which can offset this increasing trend or possibly roll back after next week,” Abad said.

Oil companies usually announce fuel price adjustments every Monday, to be implemented on the following day.

On June 7, fuel firms hiked gasoline prices by P2.70 per liter and diesel by P6.55/liter, bringing the year-to-date adjustments to stand at a net increase of P26.55 per liter for gasoline and P36.85 per liter for diesel.

Data from the DOE showed that as of June 9, gasoline prices range from P75.70 to P86.16 per liter in Quezon City, and diesel prices range between P78.15 and P82.15 per liter in Manila. —LBG, GMA News