Diesel, kerosene prices to go up by around P3

DIESEL and kerosene prices are forecast to increase by around P3 in the latest wave of hikes set for Aug. 1.

Diesel will take the largest hike at P3.20 to P3.50 per liter while kerosene prices may increase by P2.90 to P3.20 per liter.

Gasoline prices will take the smallest hike at P1.90 to P2.10 per liter.

“The yo-yo trade in oil continues this week as oil prices displayed increases amid expectations of tightening US crude supplies and potential declines in US shale oil production,” Oil Industry Management Bureau assistant director Rodela Romero said.

She further said, “The market also showed some strength due to lower inflation readings and industrial outputs in Europe and US as evidence of a possible pause in central bank’s rate hikes.”

Oil companies usually announce price adjustments every Monday, to be implemented the following day.

Effective Tuesday, July 25, fuel firms implemented an increase of P1.35 per liter for gasoline, P0.45 per liter for diesel, and P0.35 per liter for kerosene.

The latest price adjustments resulted in a year-to-date net decrease of P0.40 per liter for diesel and P3.35 per liter for kerosene.

Gasoline, on the other hand, has year-to-date a net increase of P8.90 per liter. (ABS-CBN News/ GMA Integrated News)