MANILA, Philippines – Expect a price increase in gasoline and a rollback in the price of diesel this coming Tuesday, June 14, the Department of Energy (DOE) said.
DOE Director for Oil Industry Management Bureau Melita Obillo said the price adjustment would range from P0.20 to P0.35 per liter. These estimates are based on the first few days of trading week that began on June 6.
The rollback could be attributed to the glut in gasoline supply, Obillo said. There was “more demand for 500 ppm [parts per million] diesel from Vietnam, Africa, and Indonesia,” she explained.
Oil firms lowered their prices in gasoline last June 7 (a P0.15 per liter decrease), but increased diesel by P0.15 per liter.
Given adjustments in prices, the total year-to-date net increases now stand at P3.22/liter for gasoline, and P5.35/liter for diesel. LPG remains at a net decrease of P5.38/kg.
Gasoline prices are adjusted on a weekly basis, reflecting the prices of imported oil products. According to Obillo, it takes oil companies about a week to bring their products to the market from the time of importation. – Rappler.com
Fuel pump image from Shutterstock