JUNE’S FIRST OIL PRICE ADJUSTMENT ON TUESDAY

Diesel and kerosene are seen to have an hike tomorrow (Photo courtesy of Mark Demayo/ABS-CBN News)

First oil price hike for the month of June will be on June 4 Tuesday, fuel companies announced that there will be mixed movements as gasoline will have a roll back while diesel and kerosene will be increased for third straight week.

Advisories from CleanFuel, Seaoil, PetroGazz, and Shell announced priced adjustments for Tuesday: Diesel up by P0.60 per liter, Kerosene up by P0.80 per liter, and Gasoline will decrease P0.90 per liter.

Adjustments on prices of petroleum were affected by factors outside governmnet control such as socio-political and economic climates. In line with the projections made by the Department of Energy-Oil Industry Management  Bureau (DOE-OIMB), OPEC+ were expecting to continue their production cut and the seasonal demand uptick due to the coming summer season.

Oil price adjustments will take effect at 6 a.m. for SeaOil, PetroGazz and Shell, while for CleanFuel will be implemented at 4:01 p.m. on Tuesday.

Source: Philippine Star

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