A huge price increase in fuel products is in the offing this coming week due to prevailing events outside the country exerting pressure on the supply, according to reports.
Reports say that diesel prices are expected to increase around P6.30 to P6.60 per liter by June 7, 2022.
Moreover, gasoline prices are anticipated to increase to around P2.50 to P2.80 per liter, starting this Tuesday.
According to data from the Department of Energy (DoE), the year-to-date adjustments of fuel prices stood at a net increase of P30.30 per liter for diesel, and P23.85 per liter for gasoline.
Oil companies are expected to announce the new prices tomorrow, June 6, 2022 to be implemented the next day.
The oil companies adjust the fuel prices every week based on the movement of the Mean Platts of Singapore, the regional benchmark of prices as adopted by the local deregulated oil industry, reports add.
The ban on Russian oil by the European Union and the lockdowns in China are seen as the factors that caused the prices of fuel to increase.