Oil price hike continues this week
And the bad news just keeps on coming.
Expect to see a long queue at your nearest filling stations today. On Tuesday, June 14, oil players in the country will impose an additional PHP 4.30 per liter for diesel, PHP 4.85 per liter on kerosene, and PHP 2.15 per liter for gasoline fuel products.
Shell and Clean Fuel were among the first ones to announce their price advisories and will make their adjustments effective by 6:00 AM and 8:01 AM tomorrow, respectively.
This week's price movements are still the result of EU's banning of Russian oil imports. On the other hand, OPEC+ countries are still unable to meet their increased production targets, which further escalates global oil supply issues.
If we were to follow the Department of Energy (DOE)'s price monitoring, the latest price adjustments give a net increase of PHP 41.15 for diesel, PHP 28.70 for gasoline, and PHP 37.95 for kerosene since 2022 started. Not to mention, tomorrow could also be the day when fuel prices officially breach the three-digit mark in some areas in the country.
That being said, barring any major developments in the Russia-Ukraine war, high global oil prices could be here to stay.