Another oil price adjustment is expected to take effect next week for diesel and gasoline.
Based on industry sources as of June 20 to 23, the price for each liter of diesel may go up by P0.80 to P1.00, while gasoline prices may fall by P0.10 or may not change at all. Kerosene price adjustment is also possible.
The adjustment range may still change on Saturday, June 25.
“The main events causing this 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,” Oil Industry Management Bureau Dir. Rino Abad said. – Report from Naomi Tiburcio–ag
