Update on Expected Oil Prices Increase on Tuesday
Oil prices are expected to increase once again and the recent update state that the hike is much higher than the initial estimate for Tuesday, June 21.
Many Filipinos are currently having a hard time coping with the high fuel costs in the Philippines. The series of oil price hikes started in January and it brought the prices of diesel and gasoline to go past P90 per liter.
According to several public utility vehicle (PUV) drivers, they can hardly provide for the needs of their families because the high prices of fuel make a cut from their daily earnings. Several transport groups are appealing for an increase in minimum fares for jeepneys.
A provincial bus group also previously expressed their desire to file a petition for a fare increase. The prices of several goods and commodities also increased following the upward trend of oil prices.
Last week, there was already an advisory that the oil prices will increase again this Tuesday, June 21. Diesel is eyed to have the biggest price increase like during the several previous oil price hikes.
However, unfortunately, based on a report on ABS-CBN News, the oil prices are expected to increase higher than the initial estimate that was expected last week. The following increases are expected to be implemented on Tuesday, June 21, 2022:
Shell / Seaoil
- Gasoline – P0.80 per liter
- Diesel – P3.10 per liter
- Kerosene – P1.70 per liter
Cleanfuel
- Gasoline – P0.80 per liter
- Diesel – P3.10 per liter
Last week, the estimated increase in oil prices is between P2.40 to P2.70 per liter for diesel and P0.30 to P0.60 for gasoline. According to the report, the upcoming increase is due to the market premium, ethanol, and freight. The price of crude oil reportedly decreased but it is still not under the Mean Pratts Singapore which is the basis of the prices implemented in the Philippines.
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