Huge Fuel Price Increase Scheduled Next Week

A huge fuel price increase is scheduled for next week. Motorists are advised to gas up this weekend, especially those with diesel-fed vehicles.

According to reports, the price per liter of diesel may increase by P6.30 to P6.60, while gasoline prices may go up by P2.50 to P2.80 per liter. This increase will take effect on Tuesday morning, at exactly 6:00 AM.

Department of Energy-Oil Industry Management Bureau Director Rino Abad said that there are “three prevailing events on supply pressure this week which continue to push price increase.”

The said events are:

• The start of increasing demand for northern hemisphere countries due to the summer peak period from June to September;
• Russian oil ban by European Union; and
• easing of lockdown in China which is projected to increase the oil demand.

Data from the DOE for May 31 to June 2 showed the price per liter of gasoline ranging from P73 to P83.60 in Quezon City, while diesel prices range between P70.50 and P75.60 per liter in Manila. 

The Department of Energy (DOE) is doing everything in its capacity to prevent fuel overpricing across the country. The agency is also asking consumers to report high or unreasonable prices to them. 

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