Gas prices up, diesel up, kerosene down starting June 3

Effective Tuesday, June 3, the price of gasoline will increase by P0.40 per liter, diesel by P0.30 per liter, while kerosene prices will decrease by P0.10 per liter.

Leading oil firms including Chevron Philippines Inc., Petron Corp., Caltex, Seaoil Philippines Corp., Shell Pilipinas Corp., Cleanfuel, Petro Gazz, and PTT Philippines Corp. have confirmed these changes.

The adjustments follow projections by the Department of Energy-Oil Industry Management Bureau (DOE-OIMB) citing potential new US sanctions on Russia, worsening geopolitical tensions in oil-producing nations, easing tariff woes between the United States and European Union, and OPEC+'s decision to increase production as key factors influencing these price movements.

Seaoil, CleanFuel, PetroGazz, Caltex, and Shell noted that this is the third straight week of gasoline price increases and the second consecutive week of kerosene price decreases.

The changes will take effect at 6 a.m. on Tuesday for most companies, with Cleanfuel implementing them at 4:01 p.m.