Price of gas up again for 4th straight week
Oil companies are implementing a hike in the prices of their products effective on Tuesday, June 10.
For the fourth straight week, there will be an increase in the price per liter of gasoline, this time by 60 centavos, according to separate advisories released on Monday by Jetti Petroleum, Caltex, Cleanfuel, PetroGazz, Shell Pilipinas, PTT Philippines, and Seaoil.
On the other hand, diesel and kerosene will be more expensive by 95 centavos and 30 centavos per liter, respectively.
Industry sources earlier said a price hike was likely this week due to persistent geopolitical conflict and supply fears.
“Firmer demand for gasoline and diesel, with the start of the summer driving season in northern hemisphere countries, and lower regional supply, due to ongoing refinery maintenance and persistently low outflows from China, have further supported prices,” Jetti Petroleum president Leo Bellas said.
For her part, Rodela Romero, assistant director of the Department of Energy-Oil Industry Management Bureau, cited the geopolitical tensions between Russia and Ukraine and the United States and Iran nuclear deal as factors driving up pump prices.
Also influencing price movements are the “supply concern with production in Canada disrupted by the wildfires, and US crude oil inventories experiencing a larger-than-anticipated drawdown,” she said.
