Several oil companies are set to implement another set of fuel price increases on Tuesday, June 28.
Diesel prices for Shell, Clean Fuel, and Seaoil will go up by P1.65 per liter, gasoline by P0.50, and kerosene by P0.10.
Atty. Rino Abad, director of Oil Industry Management Bureau of the Department of Energy, said the main causes of the price trend are the “ongoing China lockdown causing suppressed demand, and the recent US interest hike causing tighter capital access vis-a-vis decreasing economic activity and suppressing fuel demand.”
The adjustment was also caused by the weakened value of peso versus dollar. – Report from Naomi Tiburcio/AG – gb
