Another big-time fuel price hike expected next week

Motorists should brace for another round of increase in fuel pump prices in the coming week, according to Department of Energy-Oil Industry Management Bureau Director III Rodela Romero.

The following are the estimated per liter price adjustments for Tuesday, June 25. 2024.

• Gasoline - P0.85 to P1.15
• Diesel - P1.55 to P1.85
• Kerosene - P1.00 to P1.10

“Relevant news for the week that push the 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 the Israel’s ‘all out war’ with Lebanon’s Hezbollah contributed to the tension,” Romero said.

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

Jetti Petroleum, meanwhile, said that “this week’s first four days MOPS (Mean of Platts Singapore) and foreign exchange average versus last week’s full week average are pointing towards an increase for next week.”

The fuel firm said that price per liter of diesel may increase by P1.70 to P1.80, while gasoline may go up by P1.10 to P1.20 per liter.

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

Effective Tuesday, June 18, 2024, fuel firms hiked gasoline, diesel, and kerosene prices by P0.85, P1.75, and P1.90 per liter, respectively.

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

In Metro Manila, the prevailing retail prices of gasoline range from P55.40 to P79.50 per liter, diesel prices range between P50.94 and P66.75 per liter, while kerosene prices range from P71.09 to P81.09 per liter, according to latest data available from the DOE’s price monitoring. —VAL, GMA Integrated News