Third straight week of oil price hike set on June 21 as global oil prices retreat

3rd oil price hike lower compared to the the price increase in the last two weeks

Gas pumps at a fuel station in Quezon City (Contributed photo by NEU students for Eagle News Service

Gas prices to increase by P0.80 per liter, diesel prices up by P3.10 per liter

(Eagle News) – Effective Tuesday, June 21, oil companies will implement another round of oil price increase, although less than the hike implemented in the previous two weeks.

Various oil companies have already issued advisories on the 80 centavo increase per liter of gasoline, and P3.10 per liter of diesel that would take place either 12 a.m. or 6 a.m. of Tuesday, June 21.

Kerosene prices will also increase by P1.70 per liter.

Last week, the price hike was P2.15 per liter for gasoline, and P4.30 per liter for diesel. The week before that, on June 7, the increase was P2.70 per liter for gasoline, and P6.55 per liter for diesel.

Kerosene prices likewise rose by P4.85 per liter on June 14, and P5.45 per liter on June 7.

The third straight week of oil price hike happens even as oil prices fell since last Friday on the world market.

-Oil prices drop in world market –

Oil prices fell further Monday, June 20, after suffering a hefty drop Friday, June 17, caused by demand worries caused by a possible recession.

However, US Energy Secretary Jennifer Granholm said prices could continue to surge if the European Union cuts off imports of the commodity from Russia in response to the Ukraine war.

She said US President Joe Biden had called on global suppliers to ramp up output to help temper the price rises, with the president to discuss the issue at an upcoming visit to Saudi Arabia next month.

Last Friday, June 17, oil prices tumbled five percent on growing fears over possible recession in the United States and elsewhere, according to traders.

US contract, West Texas Intermediate, plunged 5.5 percent to $111.12 per barrel and European benchmark, Brent North Sea crude, also retreated five percent that day.

On Monday, oil prices further dipped although just slightly. West Texas Intermediate (WTI) was down by 0.5 percent settling at $108.98 a barrel. Brent North Sea crude also went down by 0.5 percent, settling at $112.56 a barrel

Inflation worldwide stands at levels not seen for decades owing in particular to surges in energy and food prices.

(With a report from Agence France Presse)