Oil companies seen to increase prices for 4th straight week

Metro Manila (CNN Philippines, June 25) — Oil companies are expected to implement another round of price increase on fuel products for the fourth straight week.

According to the forecast by Unioil Petroleum Philippines, firms may increase per-liter prices of diesel by ₱1.20 to ₱1.40 and of gasoline by ₱0.10 to ₱0.20 starting June 28.

Oil firms earlier raised the per-liter prices of gasoline by ₱0.80 and of diesel by ₱3.10.

As of June 21, per-liter prices have gone up by ₱29.50 for gasoline, ₱44.25 for diesel, and ₱39.65 for kerosene since the start of 2022, according to the Department of Energy’s latest monitor.

During a recent consultative meeting in the Senate, taxi and bus operators lamented that many of their members stopped plying the roads amid soaring fuel prices and the COVID-19 pandemic.

Meanwhile, the Land Transportation Franchising and Regulatory Board earlier said that it is awaiting the directive of the incoming administration of President-elect Ferdinand Marcos Jr. regarding the next tranche of fuel subsidy.

More than 200,000 beneficiaries have so far received fuel subsidy.