Oil prices will likely go up by as much as P6.50 per liter effective Tuesday amid the continuing volatility in world prices driven by the Ukraine-Russia crisis.
Unioil Petroleum Philippines said consumers can expect fuel prices to go up during the week of June 7 to 13.
“Diesel will increase by P6.30 to P6.50 per liter. Gasoline will increase by P2.50 to P2.70 per liter,” the company said.
Kerosene prices are also expected to go up by P5.20 per liter.
Last week, local oil firms boosted pump prices of diesel fuel by P1.20 OIL… but cut gasoline prices by P1.60 per liter.
Year-to-date adjustments stand at a net increase of P25.55 per liter for gasoline and P29.10 per liter for diesel.
In Vienna, the OPEC+ group earlier decided to add 648,000 barrels per day (bpd) to the market in July, up from the 432,000 bpd increases in recent months, and a shift from the cartel’s recent stance of sticking to a planned pace of monthly production hikes.
The announcement came after European Union leaders agreed to ban more than two-thirds of Russian oil imports as part of a sixth package of sanctions on Moscow over the Ukraine war.
But the action by producers did not appear to be enough to calm oil markets, with futures contracts rising more than one percent.
The jump in prices reflects “doubts the cartel members can deliver on their promises,” TD Securities’ Bart Melek said in a note.
He warned that oil prices could spike “well above” $120 a barrel in the peak summer period amid tight inventories, geopolitical risk, and uncertainty over the Organization of Petroleum Exporting Countries.
