Diesel prices seen to hike by over P6 per liter, gasoline above P2 next week

NEWS

Motorists should brace for another round of big-time increases in the pump prices of petroleum products in the coming week.

Based on the May 30 to June 3 oil trading, an oil industry source told GMA News Online that the price per liter of diesel may increase by P6.30 to P6.60.

Gasoline prices, meanwhile, may go up by P2.50 to P2.80 per liter.

Sought for comment, Department of Energy-Oil Industry Management Bureau Director Rino Abad said that there are “three prevailing events on supply pressure this week which continue to push price increase.”

The reasons for the potential pump price hikes next week are the following:

start of increasing demand for northern hemisphere countries due to summer peak period from June to September;

Russian oil ban by European Union;

andeasing of lockdown in China which is projected to increase the oil demand.

Oil companies usually announce price adjustments every Monday, to be implemented on the following day.

Effective May 31, fuel firms rolled back gasoline prices by P1.70 per liter and hiked diesel prices by P1.20 per liter, bringing the year-to-date adjustments to stand at a net increase of P23.85 per liter for gasoline and P30.30 per liter for diesel.

Data from the DOE for May 31 to June 2 showed the price per liter of gasoline ranging from P73 to P83.60 in Quezon City, while diesel prices range between P70.50 and P75.60 per liter in Manila. —KG, GMA News