Another oil price increase by around P2.00 to around P4.00 per liter is set to take place on Tuesday, June 14, bringing this year’s oil price increase by at least P26.55 per liter.
The price of diesel per liter will go up by P4.30 per liter, while gasoline and kerosine will rise by P2.15 and P4.85, respectively.
The Department of Energy (DOE) said the price adjustment is driven by Russian oil ban by the European Union, increased demand in the United States and China, and the premium in Saudi Arabia crude.
This year’s upward adjustment has pumped diesel prices per liter by P36.85, gasoline by P26.55, and kerosene by P33.10.
Senior economist Nicholas Mapa said the volatile oil prices may take place throughout the year until early 2023 even with a “resolution” on the current conflict involving Russia and Ukraine.
“Even if that does happen we can expect na yung supply sa global market gipit parin,” he said.
He also suggested the return of partial work from home arrangement to help employees’ transportation cost, as well as the provision of subsidies this year to help the affected transport sector. – Report from Naomi Tiburcio/AG – gb
