According to Department of Energy (DOE) - Oil Industry Management Bureau Director III Rodela Romero, the cost of petroleum products will increase by less than a peso per litre on July 2, 2024.
(Captured by Binay MotoVlog at Shell - Levi Mariano)
Based on the DOE's estimates, gasoline prices will increase between P0.50 and P0.80 per litre.
Diesel, on the other hand, will see an increase of P0.30 to P0.60 per litre.
(Captured by Binay Motovlog at Caltex - Levi Mariano)
Kerosene prices will increase by P0.20 to P0.40 per litre.
Romero stated that factors contributing to this include the high price of crude oil in the global market currently facing tension between countries, particularly in Europe where a drone attack by Ukraine has hit Russian oil refineries.
This situation is compounded by the Organization of Petroleum Exporting Countries (OPEC)'s tightening of production, and the increased demand for oil overseas this summer.
Last Tuesday, June 25, oil companies raised prices by P1.40 per litre for gasoline, P1.75 for diesel, and P1.90 for kerosene.
In the latest report, since January, gasoline has already increased by P8.30 per litre, diesel by P7.75 per litre, and kerosene by P1.40 per litre.
