Fuel prices set to drop after staggered oil price hikes

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Fuel prices set to drop after staggered oil price hikes

David Dizon,

ABS-CBN News

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Fuel prices set to drop after staggered oil price hikes
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Oil prices are set to go down next week as fears of supply disruption were abated by the ceasefire between Israel and Iran, the Department of Energy said Friday. 

Assistant Director III Rodela Romero of the Oil Industry Management Bureau said the following price adjustments may be implemented in the last week of June, based on 4 days of trading on the Mean of Platts Singapore: 

Gasoline – P1.00 to P1.40/liter

Diesel – P1.60. to P2.10/liter

Kerosene – P2.00 to P2.20/liter

She said the price adjustment is due to lower oil prices in the world market as a ceasefire between Iran and Israel appeared to be holding firm.

Oil companies implemented staggered price hikes this week amid skyrocketing fuel prices.

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Meanwhile, Trade Secretary Cristina Roque said basic and prime commodities have yet to increase prices after the recent oil price hikes.

“Of course kapag tumagal itong pagtataas ng petrolyo, may magtatanong na mga manufacturer, may magsi-signify sa amin kung pwedeng mag-price increase pero sa ngayon wala pang price increase. So far, wala pang humihirit,” she said.

She said sardine makers who had asked for a price increase last week agreed to hold off on the price adjustments to support the President and consumers.

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