Fuel prices seen to go up for third straight week

Motorists should expect another round of increase in fuel pump prices in the coming week, which could mark the third straight week of upward adjustments.

Citing international oil trading in the past four days, Department of Energy-Oil Industry Management Bureau Director III Rodela Romero said that “prices of petroleum products will increase by less than one peso for next week, July 2, 2024.”

The estimated range of per liter price adjustments are as follows:

• Gasoline - P0.50 to P0.80
• Diesel - P0.30 to P0.60
• Kerosene - P0.20 to P0.40

“Crude oil futures 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 production restriction of OPEC (Organization of Petroleum Exporting Countries) and the forecast for the peak summer season demand starting third quarter of this year,” Romero said.

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

Effective Tuesday, June 25, fuel firms hiked the per liter prices of gasoline, diesel, and kerosene by P1.40, P1.75, and P1.90, respectively.

The latest price increases brought the year-to-date total adjustment of gasoline, diesel, and kerosene to stand at net increase of P8.30 per liter, P7.75 per liter and P1.40 per liter, respectively.

In Metro Manila, the prevailing retail prices of gasoline range from P54.30 to P80.35 per liter, diesel from P50.90 to P68.50 per liter, and kerosene from P72.99 to P82.99 per liter, according to latest data from the DOE price monitoring. — RSJ, GMA Integrated News