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Residents line up for fuel at one of the few open gas stations in the town of Mauban, Quezon, on Monday, a day after tropical storm Aghon made landfall on May 26, 2024. Jonathan Celloa, ABS-CBN News

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TYPHOON AGHON

Benise Balaoing

Alvin Elchico

ABS-CBN News

<p>MANILA <strong>(UPDATED)</strong> — Oil prices are rising in the first week of July.</p><p>This is the third straight week of pump price increases.</p><div><a href="https://news.abs-cbn.com/business/2024/6/22/second-straight-hike-of-more-than-p1-set-for-june-25-1210" id="isPasted" style="color:rgb(199, 29, 29);text-decoration:none;letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal">Second straight hike of more than P1 set for June 25</a><br style="color:rgb(0, 0, 0);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial"/><a href="https://news.abs-cbn.com/business/2024/6/17/big-time-price-hike-kerosene-up-by-p1-90-per-liter-diesel-by-p-175-940" style="color:rgb(199, 29, 29);text-decoration:none;letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal">Big-time price hike: Kerosene up by P1.90 per liter, diesel by P1.75</a></div><p>Petroleum companies said prices are rising by the following amounts on July 2, Tuesday:</p><div style="line-height:1"><strong>PILIPINAS SHELL, SEAOIL (effective 6 a.m.)</strong></div><p style="line-height:1">Gasoline - P0.95/liter increase</p><p style="line-height:1">Kerosene - P0.35/liter increase</p><p style="line-height:1">Diesel - P0.65/liter increase</p><div style="line-height:1"> </div><div style="line-height:1"><strong>PETROGAZZ, JETTI PETROLEUM (effective 6 a.m.)</strong></div><p style="line-height:1">Gasoline - P0.95/liter increase</p><p style="line-height:1">Diesel - P0.65/liter increase</p><div style="line-height:1"> </div><div style="line-height:1"><strong>CALTEX (effective 6:01 a.m.)</strong></div><p style="line-height:1">Gasoline - P0.95/liter increase</p><p style="line-height:1">Kerosene - P0.35/liter increase</p><p style="line-height:1">Diesel - P0.65/liter increase</p><div style="line-height:1"> </div><div style="line-height:1"><strong>CLEANFUEL (effective 4:01 p.m.)</strong></div><p style="line-height:1">Gasoline - P0.95/liter increase</p><p style="line-height:1">Diesel - P0.65/liter increase </p><p>The Department of Energy (DOE) said the main reason for this week&#x27;s price increase is Ukraine&#x27;s drone attacks on Russian refineries, as well as the tension in the Middle East between Israel and Hamas in the Gaza Strip and Hezbollah in Lebanon.</p><p> In the last three weeks, diesel prices have risen by P4.15/L while gasoline prices have increased by more than P3/L.</p><p>Cooking gas prices are also up by the following amounts on July 1: </p><p>Petron - P0.55/kg</p><p>Solane- P0.55/kg</p><p>Regasco - P0.50/kg</p><p>Regasco president Arnel Ty explained that liquefied petroleum gas (LPG) prices also follow the track of other fuel products affected by the tension in the Middle East.</p><div> </div><div><strong>ERC IS NOT CLEAR ON MERALCO RATES</strong><strong> </strong></div><p>Meanwhile, Energy Regulatory Commission (ERC) Chairperson Monalisa Dimalanta admitted that she herself is not sure if Meralco&#x27;s rate is fair and reasonable after the majority of the commissioners voted to dismiss all motions for reconsideration questioning the distribution rate of Meralco.</p><p>In effect, the majority of the commissioners allowed Meralco to maintain its current average charge of P1.35/kwh, which has not been changed since 2016.</p><p>Since 2012, Meralco has been charging consumers P1.38/kwh but the commission said it should have only charged P1.35/kwh in the last 4 years from 2012 resulting in a refund of more than P40 billion.</p><p>Some petitioners insist that Meralco should refund more and its rate should be less than P1.35/kwh.</p><p>Congressman Rufus Rodriguez defended Meralco, as the utility is seeking a fresh 25-year franchise from Congress. </p><div><span style="background-color:rgb(255, 255, 255);border:0px solid black;box-sizing:border-box;color:rgb(15, 20, 25);display:inline;line-height:inherit;list-style:none;margin:0px;padding:0px;position:relative;text-align:start;text-decoration:none;white-space:pre-wrap;overflow-wrap:break-word;min-width:0px;letter-spacing:normal;orphans:2;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;text-overflow:unset"></span></div><div><a href="https://news.abs-cbn.com/business/2024/6/28/petroleum-prices-may-climb-in-first-week-of-july-doe-923">Petroleum prices may climb in first week of July: DOE</a></div>

Oil prices rise in first week of July

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Oil prices rise in first week of July

Benise Balaoing,

Alvin Elchico,

ABS-CBN News

Published Jul 01, 2024 09:59 AM PHT

|

Updated Jul 01, 2024 03:41 PM PHT

Read More:

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oil prices

presyo ng langis

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gasoline

diesel

kerosene

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