Several motorists are set to fill their tanks as the new fuel price increase takes effect on Tuesday, June 7.
Based on the May 30 to June 3 oil trading, a P6.55 increase per liter will be implemented for diesel and P2.70 per liter for gasoline. Kerosene prices may go up by P5.45 per liter.
FUEL ADVISORY: New fuel prices of gasoline, diesel, and kerosene starting on Tuesday, June 7. pic.twitter.com/Ie9WQRC4Er
— PTVph (@PTVph) June 6, 2022
According to the Department of Energy (DOE), the hike is driven by the continuous demand increase in the United States due to the summer peak period of June to September, as well as the European Union’s imposition of Russian oil ban and the easing of lockdown restrictions in China.
Based on DOE data, the price per liter of gasoline as of May 31 has ballooned by P23.85, diesel by P30.30, and kerosene by P27.65 since January of this year. – Report from Ryan Lesigues/AG – gb
