Oil prices up in second week of June

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Oil prices up in second week of June

Marilyn Cahatol,

ABS-CBN News

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A motorcycle rider stops for a refill at a gasoline station in Manila on Feb. 26, 2022. George Calvelo, ABS-CBN News/FileA motorcycle rider stops for a refill at a gasoline station in Manila on Feb. 26, 2022. George Calvelo, ABS-CBN News/File

MANILA — Oil prices are expected to rise next week due to geopolitical tensions and environmental events, said Rodela Romero, Oil Industry Management Bureau Assistant Director of the Department of Energy (DOE) on Friday, June 6.

Gasoline is expected to go up by P0.15 to P0.60 per liter.

Diesel may increase by P0.50 to P0.90 per liter.

Kerosene may rise by P0.25 to P0.40 per liter.

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Romero told DZMM Teleradyo that the increase is primarily caused by the continuous geopolitical tension between major oil exporters Russia and Ukraine.

Prices are also affected by the ongoing nuclear deal between the United States and Iran.

 Recent wildfires in Canada are also affecting supply.

US saw a lower inventory of crude oil.

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