Gasoline, diesel, kerosene prices up today

June 25,2019 file photo

FUEL prices increased for the second-straight week today as the world crude market’s volatility affects local oil companies.

Petron, Shell, Seaoil, PTT, Total, Unioil and Phoenix announced a P0.30 increase on every liter of gasoline, P0.55 per liter of diesel, and P0.45 per liter of kerosene. The increases took effect at 6 a.m. Tuesday.

According to the Philippine News Agency (PNA), oil executives in the country attributed the recent “upward direction in the international oil market” to “lingering uncertainties surrounding the stability of the Middle East as well as the protracted trade dispute among economic giants.”

The executives said making a forecast on when the volatility in oil prices will end is proving to be a challenge because “a retaliation by the United States on the downing of its drone by Iran can change the whole ball game very quickly,” the PNA reported.

Dubai crude oil price soared to $62.20 per barrel on June 20. This followed a five-month low of $57.54 on June 12, according to a report posted Tuesday in the Philippine Daily Inquirer.

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