Oil price hike will begin June 13 amid global production cuts — DOE execs

By: Jean Mangaluz - Inquirer.net | June 12,2023 - 05:21 PM

The Department of Energy has announced the implementation of oil price hike on Tuesday, June 13.

The Department of Energy has announced the implementation of oil price hike on Tuesday, June 13. | File photo

MANILA, Philippines — An oil price hike will be implemented beginning Tuesday, according to Department of Energy’s (DOE) Oil and Industry Management Assistant Director Rodela Romero.

He attributed the oil price hike to the international market, as production of oil had been tight.

“Base po sa monitoring natin sa international oil market, makakaranas po tayo ng pagtaas ng presyo ng produktong petrolyo, gaya na gasolina, diesel at kerosine,” Romero said on the Laging Handa public briefing.

(Based on our monitoring of the international market, we will experience a price increase of petrol products like gasoline, diesel and kerosine.)

Unioil had previously announced that beginning Tuesday to June 19, prices of oil products will increase as follows:

Diesel: P1.50 per liter

Gasoline: P1.30 per liter

The DOE official attributed the hike to Saudi Arabia’s production cut, as they plan to trim off one million barrels a day from their production beginning July 1.

Other contributing factors are economic downturns across countries coupled with inflation.

“Bali naghilahan yung dalawang kadahilanan, but still, mataas po yung average nung cost last week, so nahatak po pataas na presyo ang produktong petrolyo kaya maranasan natin yung increase tomorrow morning,” she said.

(The two reasons pulled each other, but still, the average cost last week was still high, so the prices of petrol products were dragged with it, that is why we will experience the increase tomorrow morning.)


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TAGS: diesel, DOE, gasoline, inflation, oil price hike

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