Fuel Firms Eye Oil Price Hike on Tuesday (June 18, 2024)

Fuel Firms Eye Oil Price Hike on Tuesday (June 18, 2024)

June 15, 2024 by Jay-r Santiago in Categories Business

BIG-TIME PUMP PRICE HIKE – Several fuel firms in the country are expecting an oil price hike on Tuesday (June 18, 2024).

DOE’s Oil Industry Management Bureau Director III Rodela Romero is blaming the potential US interest rate cuts, reduced Saudi oil exports to China, and the possibility of the US purchasing more crude reserves for the upcoming fuel price hike.

Big-Time Oil Price Hike Expected Next Week (June 18, 2024)

Fuel Companies to Implement Big-Time Oil Price Hike Expected Next Week

OIL PRICE UPDATE – Most fuel companies are expected to implement a big-time oil price hike starting next week.

Filipino motorists are advised to brace for upcoming increase on prices of petroleum products including gasoline, diesel and kerosene.

The Department of Energy says gasoline prices could go up by P0.60 to P0.85 per liter. Diesel may see an increase of P1.45 to P1.70 per liter. Kerosene is expected to have the biggest hike between P1.85 to P1.90 per liter.

DOE’s Oil Industry Management Bureau Director III Rodela Romero says that price adjustments are due to developments in the global oil market over the past four days of trading.

“We will be expecting an increase in the domestic pump prices of petroleum products by Tuesday next week due to the developments in the international oil market,” Romero said.

Major factors driving up prices include optimistic demand forecasts from the US Energy Information Administration and OPEC.

Additionally, uncertainties over potential US interest rate cuts, reduced Saudi oil exports to China, and the possibility of the US purchasing more crude reserves are contributing to the upward price movement.

Oil companies typically announce price changes every Monday, effective the next day. The upcoming hikes follow price rollbacks just last week on June 11, 2024, when gasoline went down P0.60, diesel P1.20, and kerosene P1.30 per liter.

With the expected increases next week, year-to-date net price adjustments would rise to around P6.65 per liter for gasoline, P5.95 for diesel, and P0.60 for kerosene.

The major fuel price hikes are an added burden on consumers already dealing with recent electricity rate increases from power utilities. Higher transport costs could lead to more expensive goods and services.

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