MOTORISTS TO EXPECT PUMP PRICES INCREASE ON MAY 28

A slight rise on oil prices seen tomorrow May 28 (Photo courtesy of Ted Aljibe/Philippine Star)

Oil companies are expected to implement an increase on oil prices tomorrow (May 28, 2024) with diesel, gasoline and kerosene ranging from P0.20 to P0.40 per liter.

According to the Department of Energy (DOE), the price of oil in the world market increased due to speculation that OPEC (Organization of the Petroleum Exporting Countries) will reduce oil production next month. The value of the dollar also increased against peso.

According to DOE's May 21 oil monitor, lower-than-expected demand for the remainder of 2024 has resulted in a weekly drop in the price of gasoline, diesel, and kerosene.

Source: Philippine Star

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