Heads Up, Motorists: An Oil Price Hike Is On The Way

Expect the diesel to increase by more than ₱6.00 per liter starting June 7.

If you’re a motorist, you may want to fill up your vehicle before Tuesday, June 7. A price hike will take effect then, due to the high demand and oil ban happening globally.

Diesel will be P6.30-6.60 per liter, gasoline at P2.50-2.80 per liter, and kerosene P5.10-P5.30 per liter. Since the start of 2022, diesel has risen by P28.00 per liter, gasoline by P24.00 per liter, and kerosene by P24.25 per liter.

The Department of Energy’s Rino Abad says three events will push the hike. As per the Oil Industry Management Bureau director, the first is an increase in demand. This will happen in countries located in the northern hemisphere. In those countries, summer starts in June and ends in September.

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The second is most European leaders blocked Russian oil imports to their countries. As per the European Council’s Charles Michel, their goal is to cut funds for Russian war machinery. It’s their way of punishing Moscow for invading Ukraine. The block extends to oil shipped by sea.

The third and final event is China’s move to ease COVID-19 restrictions. The gradual removal of lockdowns in the country points to an increase in demand for oil.

In other news, the Philippine Stock Exchange index (PSEi) slid down to 0.38% last June 3. Also, the Philippine peso is at its weakest since March 2019.

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