ANOTHER round of price increase of petroleum products is expected in the coming week.
According to 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.
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; and
easing 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.
metrosundaily
