Oil Firms Set to Implement Fuel Price Hike Next Week

Oil prices are expected to surge once again on Tuesday, June 27, bringing additional burdens to consumers and businesses alike.

The price hike will primarily impact kerosene and diesel, while gasoline prices may either remain stable or experience a slight increase.

According to industry projections, kerosene prices will witness the most significant jump, with an estimated increase of P1.00 to P1.30 per liter. Kerosene is a crucial fuel source for many households, particularly in developing countries, where it is commonly used for cooking and lighting purposes.

Therefore, this increase in prices could have a notable impact on the budgets of low-income families who heavily rely on kerosene.

Diesel prices are also set to rise, albeit to a slightly lesser extent compared to kerosene. Consumers can anticipate an increase of approximately P0.90 to P1.20 per liter at the pumps.

Gasoline prices, on the other hand, may either remain stable or experience a marginal increase of up to P0.30 per liter. Gasoline is the most widely used fuel for private vehicles, and any fluctuations in its price can have a direct impact on commuters and businesses that rely on transportation.

A potential increase in gasoline prices could result in higher transportation costs for individuals, impacting their monthly budgets.

The factors contributing to this projected increase in oil prices are multifaceted and often complex. They include global supply and demand dynamics, geopolitical tensions, economic factors, and changes in crude oil prices in international markets.

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