More than P1/L hike in gasoline prices up



The fourth straight week of oil price increases will take effect tomorrow, July 9.

Oil companies said gasoline will increase by P1.30 to P1.50 per liter, diesel by P0.50 to P0.70/L, and kerosene by P0.50 to P0.80/L. The exact adjustments will be known today, July 8.

Effective July 2, oil companies increased the prices of gasoline, diesel, and kerosene by P0.95, P0.65, and P0.35 per liter, respectively.

The Department of Energy said the week-on-week price of Dubai crude has increased by around $0.70 per barrel, while international prices of gasoline, diesel, and kerosene have also increased week-on-week by about $1.50, $1.00, and $0.80 per barrel, respectively.

“Oil prices moved higher on escalated Red Sea tensions despite higher-than-expected US inventory data,” the DOE said. “Recent escalation of Houthi attacks in Red Sea shipping and persistent cross-border attacks between Israeli and Hezbollah forces pose growing risks to regional stability and could potentially impact crude oil exports from the Middle East. Ukrainian drone attack on Russian oil infrastructure and refineries also contributed to the rising crude prices.”

The DOE Oil Monitor showed that, since the start of this year, gasoline, diesel, and kerosene logged a net price increase of P9.25/L, P8.40/L, and P1.75/L, respectively. | CGC