OIL PRICE HIKE ON JULY 9 FOR FOUR STRAIGHT WEEKS


Motorists should expect an increase on oil prices on Tuesday next week (Photo courtesy of Philippine Star)
For four consecutive weeks, the oil prices will have another round of increase by Tuesday next week according to the Department of Energy (DOE).
Estimated oil price hike will reach P1.25 to P1.50 per liter for gasoline, diesel prices will go up by P0.40 to P0.60 per liter. While, kerosene will increase to P0.60 to P0.80 per liter. The final price hike will be announce by Monday and will take effect the next day.
DOE-Oil Industry Management Bureau assistant director Rodela Romero said that the estimations were based on the four-day trading in the Mean of Platts Singapore.
“Geopolitical tensions in the Middle East, an unexpectedly large withdrawals in the US crude inventories, and optimistic forecasts for summer fuel demand have all contributed to pushing prices in oil products higher,” Romero said.
The most recent round of price increases has resulted in a series of increase of P9.25 per liter for gasoline, P8.40 for diesel, and P1.75 for kerosene for the year so far.
The current retail prices for gasoline, diesel, and kerosene in Metro Manila are P55 to P81.75, P52 to P70.25, and P74.04 to P84.04 per liter, respectively.
Source: Philippine Star
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