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Hefty pump price hikes expected next week
Motorists should prepare for fuel price increases exceeding P1 per liter starting June 17, 2025, as projected by the Department of Energy.
The estimated price adjustments range from P0.90 to P1.40 per liter for gasoline, P1.00 to P1.40 per liter for diesel, and P1.00 to P1.20 per liter for kerosene.
Factors contributing to the anticipated price hike include renewed optimism over a potential US-China trade deal and OPEC's forecast for continued oil demand growth.
Increased concerns over escalating tensions in the Middle East, following Israel's attack on Iran, have also pushed crude prices up.
Declining US crude inventories and pessimism over US-Iran nuclear talks also contribute to the price increases.
Petroleum companies are expected to announce their final price adjustments on Monday, which will take effect on the following day.
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The Department of Energy (DOE) warns of a potential price increase for diesel by as much as PHP4.80 per liter next week.
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Motorists can expect fuel prices to increase this week, with retailers announcing pump price hikes for gasoline, diesel, and kerosene effective June 10.
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Pump prices for gasoline and diesel will increase by P1.80 per liter, while kerosene will go up by P1.50 per liter starting Tuesday, June 17, 2025.
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Fuel prices are expected to rise by almost P2 per liter for diesel and gasoline next week due to Israel's attacks on Iran and ongoing geopolitical tensions.
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President Ferdinand Marcos Jr. has ordered government agencies to monitor Middle East tensions and prepare for potential spikes in global oil prices.
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