Diesel seen to go up by P5/L next week

Motorists queue for fuel at a gas station in Pasig City on October 10, 2022. Mark Demayo, ABS-CBN News/File 

MANILA — Tension between Israel and Iran will affect motorists next week, with pump prices seen to rise by up to P5 based on previous trading days on the Mean of Platts Singapore.

This is the second straight week of big time oil price hikes.

The following price adjustments are expected to take effect on Tuesday, June 24:

Gasoline:  P3.30 - P3.50/L  increase

Diesel:       P5.00 - P5.20/L increase

Kerosene: P4.50 - P4.70/L increase

The pump price hike is due to the continuing exchange of attacks between Israel and Iran, which started when the former struck the nuclear and military facilities of the Islamic Republic on June 13.

Last Tuesday, pump prices in the Philippines climbed by nearly P2 per liter.

The Marcos Jr. government earlier said it may roll out fuel subsidies for stakeholders who are "severely affected" by the pump price increases