Fuel price hike seen in second week of June

Metro Manila, Philippines - Motorists may see an upward adjustment in fuel prices next week, the Department of Energy (DOE) said Friday, June 6.

In its forecast, the DOE said diesel will go up by P0.50 per liter to P0.90 per liter.

Increases are also seen in gasoline by P0.15 per liter to P0.60 per liter and kerosene by P0.25 per liter to P0.40 per liter.

The agency attributes the possible price hikes to persistent geopolitical tensions such as the Russia-Ukraine conflict and the United States-Iran nuclear deal.

There’s also a supply concern after wildfires in Canada disrupted production, and the “larger-than-anticipated drawdown” in US crude oil inventories.

With this week’s mixed movement, year-to-date adjustments for gasoline price is a net increase of P4.50, diesel a net increase of P3.90, and kerosene a net decline of P2.55 per liter.