June 10: Gasoline hits P5.10 net increase after 4th straight week of price hikes

MANILA, Philippines (Updated on June 10, 4:58 p.m.) — Motorists will again feel the pinch at the pump on Tuesday, June 10, with gasoline prices rising for a fourth week in a row, bringing this year’s total increase for gasoline to P5.10 — the steepest yet.

Gasoline prices are set to climb by P0.60 per liter and diesel by P0.95, while kerosene will increase by P0.30, the latter marking its first price hike since May 27.

Shell Pilipinas, CleanFuel, PetroGazz, Seaoil and Caltex announced the pump price adjustments on Monday, June 9. 

The Department of Energy’s Oil Industry and Management Bureau (DOE-OIMB) said the rising fuel prices are due to continued geopolitical tensions, particularly involving the conflict between Russia and Ukraine and the ongoing negotiations over the nuclear deal between the United States and Iran.

Canadian wildfires have also disrupted oil production, further constraining supply amid an unexpected drawdown in US crude inventories.

Similar factors were behind last week’s fuel price hike, which saw gasoline increase by P0.40 per liter and diesel by P0.30 per liter, while kerosene dropped by P0.10 per liter.

This week’s price adjustments have driven gasoline to a P5.10 increase per liter and diesel to P4.85. Kerosene prices, on the other hand, are still lower by P2.25 per liter amid a two-month downward trend.

From June 3 to June 9, the prevailing retail prices of petroleum products in Metro Manila were as follows:  

• Gasoline (RON97/100) - P63.81
• Gasoline (RON95) - P49.60
• Gasoline (RON91) - P52.20
• Diesel - P53.65
• Diesel Plus - P54.55
• Kerosene - P68.42

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Editor's Note: The common retail prices have been updated to indicate the DOE's latest report on prevailing fuel prices in Metro Manila from June 3 to 9.