MANILA — Oil and LPG prices are set for another round of increases in July, with gasoline going up by P.95 per liter, diesel by P.65 per liter, and kerosene by P.35 per liter.
Additionally, LPG will see an increase of P.55 per kilogram. This will result in added strain on household budgets as consumers face higher costs at the pumps and in their kitchens due to the latest upticks in prices.
The price hikes are attributed to a renewed escalation of geopolitical tension between Israel and Lebanon, but market observers anticipate a potential slowdown in price increases due to concerns about US inflation adjustments and economic data.
The changes are expected to take effect starting July 2, with several companies already announcing their plans to implement the new pricing structure for oil products while others are anticipated to follow suit soon after. For LPG products, Petron Corporation and Solane have already increased their prices as of July 1.
International benchmark Brent crude softened slightly from $86 to $85 per barrel as of Monday (July 1) trading but remains subject to further fluctuations due to geopolitical tensions and economic factors.
Overall, consumers can expect higher expenses for fuel and cooking gas this month as these price adjustments take effect based on international market conditions.
(el Amigo/mnm)
