• CHERYL G. CRUZ
Motorists will welcome the month of July with another oil price hike, effective tomorrow.
Oil companies announced over the weekend that diesel will increase by P0.50 to P0.70 per liter, gasoline by P0.70 to P0.90 per liter, and kerosene by P0.30 to P0.60 a liter.
The exact adjustments will be known today, July 1.
This will be the third straight week of increases, after the pump prices of gasoline went up by P1.40 a liter, diesel by P1.75/L, and kerosene by P1.90/L, effective June 25.
The Department of Energy said the “week-on-week price of Dubai crude increased by around $2.40 per barrel, while the international prices of gasoline, diesel, and kerosene also increased by about $2.70, $3.80, and $2.40 per barrel, respectively.”
DOE-Oil Industry Management Bureau director Rodela Romero was quoted in reports as saying that “crude oil futures were a bit higher as the global supply outlook remained threatened by the potential escalation of geopolitical unrest…”
The production restriction of the Organization of Petroleum Exporting Countries (OPEC) and the estimated peak summer season demand this third quarter of 2024 also contributed to upward price movements, the DOE said. “Implied demand for gasoline jumped to a seven-month high of 9.39 million barrels per day…a sign that peak summer driving demand was beginning to kick in.”
Total price adjustments for gasoline, diesel, and kerosene stood at a net increase of P8.30/liter, P7.75/L, and P1.40/L, respectively, since the start of this year, the DOE added. | CGC
