Motorists should prepare for a fourth consecutive week of oil price hikes, with gasoline seeing the largest increase of up to P1.50 per liter.
According to Rodela Romero, assistant director of the Department of Energy-Oil Industry Management Bureau, gasoline prices are expected to rise by P1.25 to P1.50 per liter, diesel by P0.40 to P0.60, and kerosene by P0.60 to P0.80.
These estimates are based on the four-day trading in the Mean of Platts Singapore.
Romero cited persistent geopolitical tensions in the Middle East, large withdrawals in US crude inventories, and a positive outlook for summer fuel demand as factors driving the price increases.
The final price adjustments will be announced on Monday and take effect the following day.
Source: PhilNews24 | July 6, 2024
