Oil prices up for 3rd straight week
Oil prices up for 3rd straight week
MANILA, Philippines — For the third consecutive week, oil companies implemented another round of increases, which took effect on Tuesday, July 2.
Based on advisories from Seaoil, Shell Pilipinas and Petro Gazz, the following figures are the per-liter increases for their products: 65 centavos for diesel, 35 centavos for kerosene, and 95 centavos for gasoline.
READ: Another big-time fuel price hike looms next week
In an earlier statement, Rodela Romero, director of the Department of Energy’s (DOE) Oil Industry Management Bureau, said that crude oil prices continued to advance due to ongoing geopolitical tensions, including Ukraine’s drone attack against Russia.
She also attributed the continuous price swelling to “the production restriction of Opec (Organization of the Petroleum Exporting Countries) and the forecast for the peak summer season demand starting [in the] third [quarter] of this year.”
Data from the DOE showed that as of June 25, the per-liter adjustments of fuel products already reached P1.40 for gasoline, P1.75 for diesel, and P1.90 for kerosene. Liquefied petroleum gas products, meanwhile, also rose this month. Solane and Petron said that LPG prices went up by 55 centavos per kilogram or about P6 per 11-kg cylinder.
“This reflects the international contract price of LPG for the month of July,” Petron said. —Lisbet K. Esmael