The price of this fuel commodity will rise by P4.30 per liter, according to the price adjustment advisories of the oil companies. READ:
Motorists who will be filling up their vehicles with diesel products, including those in the public transport sector, will have to bear higher costs this week as the price of this fuel commodity will rise by P4.30 per liter, according to the price adjustment advisories of the oil companies.
As of press time, the oil companies that already sent notices on their price increases effective Tuesday, June 14, had been Pilipinas Shell Petroleum Corporation, Cleanfuel, Seaoil, Chevron and PTT Philippines. Their competitor-firms are anticipated to follow. As of Monday, June 13, trading of international benchmark Brent crude softened by roughly $2.00 per barrel to the level of $120 per barrel versus last week’s $122 per barrel but market watchers qualified that it’s still too early to tell if the downtrend will be sustained for the rest of the week.
For the Asian market, in particular, market experts had cited Russia’s pronouncement that it no longer has “extra volume” to sell to India, one of the biggest markets for oil in the world – and that situation is seen weighing down on the overall supply-demand fundamental of oil markets.
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