Oil firms raise fuel pump prices for 3rd straight week

Prices of petroleum products will go up again starting Tuesday morning.

Effective 6 a.m. of June 21, diesel price will increase by P3.10 per liter, kerosene by P1.70 per liter, and gasoline by P0.80 per liter.

Seaoil, Phoenix, PTT, Caltex, Shell, and Petron said Monday that the latest oil price hike reflects movements in the international oil market. Oil firms adjust pump prices every week.

Last June 14, oil companies implemented a price increase in domestic oil products. Gasoline was up by P2.15 per liter, diesel by P4.30 per liter and kerosene by P4.85 per liter.

These resulted to the year-to-date adjustments to stand at a net increase of P28.70/liter for gasoline, P41.15/liter for diesel and P37.95/liter for kerosene.

The price of Dubai crude rose by about $4.30 per barrel last week. MOPS gasoline and MOPS diesel prices likewise increased by roughly $2.80 per barrel and $10.00 per barrel, respectively.

The prices were supported by recovering demand in China on eased lockdowns and growing supply concerns over European Union’s ban on Russian oil.

Image credits: Nonoy Lacza

Source link