DOE: Gas up to P0.40 higher, kerosene down to P0.20

The Department of Energy announced on Friday that fuel prices will see increases for gasoline and diesel while kerosene will decrease starting June 3.

Assistant Director III Rodela Romero of the Oil Industry Management Bureau said gasoline prices may increase by P0.20 to P0.40 per liter, diesel could rise by up to P0.30 per liter, and kerosene might drop by up to P0.20 per liter.

These adjustments are based on four days of trading at the Mean of Platts Singapore price index and influenced by potential new US sanctions on Russia.

Factors also include easing tariff concerns between the United States and European Union, geopolitical tensions involving Ukraine, Israel, Iran, and nuclear talks between the US and Iran, as well as an OPEC+ plan to boost production in July.

Additionally, an economic slowdown in Asia, particularly India, is impacting fuel prices.