Oil price hike set for third straight week

MANILA, Philippines — Oil companies are set to raise fuel prices on July 2, marking a third straight week of increases.

Based on the four-day trading, Department of Energy-Oil Industry Management Bureau assistant director Rodela Romero said pump prices for petroleum products will increase by less than P1.

She estimated an upward adjustment of P0.50 to P0.80 per liter for gasoline, P0.30 to P0.60 for diesel and P0.20 to P0.40 for kerosene.

“Crude oil futures were a bit higher as the global supply outlook remained threatened by the potential escalation of geopolitical unrest due to the drone attack (by) Ukraine hitting Russian refineries,” Romero said.

OPEC’s production restriction and the forecast for peak summer season demand starting in the third quarter of 2024 also brought upward pressure on domestic oil prices, the official added.

The final price movements will be announced on July 1, and will take effect the next day.