Fuel prices to rise by up to P1 per liter this week

Petroleum retailers are set to increase fuel prices this week by almost P1 per liter, citing persistent geopolitical tensions and supply concerns in the international oil market.

Effective Tuesday, June 10, Chevron Philippines Inc., Petron Corp., Shell Pilipinas Corp., Cleanfuel, Petro Gazz, Seaoil Philippines Corp., and PTT Philippines Corp. will raise gasoline prices by P0.60 per liter, diesel by P0.95 per liter, and kerosene by P0.30 per liter.

Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero cited specific global developments such as the conflict between Russia and Ukraine, US-Iran nuclear deal tensions, wildfires in Canada's oil-producing province of Alberta, and a drop in US crude oil inventories.

The fresh price movement marks gasoline’s fourth straight week of hikes, with firmer demand for gasoline and diesel due to the start of the summer driving season in northern hemisphere countries and lower regional supply from ongoing refinery maintenance and persistently low outflows from China.