Pump prices going up next week

Motorists queue for fuel at a gas station in Pasig City on October 10, 2022, a day before a new round of oil price hike takes effect. Diesel prices is forecast to increase by P6 to P6.85 per liter, gasoline prices at P1.20 to P1.40 per liter, and kerosene prices by P3.50 to P3.70 per liter. Mark Demayo, ABS-CBN News 

MANILA — Motorists will have to shell out more next week as prices of petroleum products are seen to increase, based on the previous trading days at Mean of Platts Singapore (MOPS) this week.

The following pump price adjustments are seen to take effect June 10, Tuesday:

Gasoline:  P0.40 - P0.60/L increase

Diesel:       P0.80 - P1.00/L increase

Kerosene: P0.30 - P0.50/L increase

Assistant Director III Rodela Romero of the Oil Industry Management Bureau said Friday the continuing geopolitical tensions between Russia and Ukraine, as well as US and the Iran nuclear deal, have influenced the fuel price increase.

Meanwhile, the wildfires in Canada's oil-producing province of Alberta had affected hundred barrels per day of oil sands production.

This, while US crude oil inventories dropped worse than expected. — with a report from Alvin Elchico, ABS-CBN News