(Photo by Dexter Terante)
The price of gasoline is expected to increase by approximately P1.25 to P1.50, diesel by P0.40 to P0.60, and kerosene by P0.60 to P0.80 per liter.
This is according to the assessment of the Department of Energy-Oil Industry based on oil trading over the past four days.
"Geopolitical tensions in the Middle East, unexpectedly large withdrawals in US crude inventories, and optimistic forecasts for summer fuel demand have all contributed to pushing prices in oil products higher," stated Department of Energy-Oil Industry Management Bureau Director III Rodela Romero.
In the latest series of price hikes in petroleum products, from January of this year to the present, gasoline has increased by P9.25 per liter, diesel by P8.40 per liter, and kerosene by P1.75 per liter.
Based on the most recent monitoring of the DOE on the prices of petroleum products in gas stations, gasoline can be bought for P55 to P81.75 per liter, diesel for P52 to P70.25 per liter, and kerosene for P74.04 to P84.04 per liter.
