(UPDATE) THE price of diesel and kerosene went down, while that of gasoline increased on June 16 due to recent developments in the Middle East and the availability of supply in the region.
Diesel dropped by P3.71 per liter, kerosene by 50 centavos per liter, and gasoline increased by P1.68 per liter.
The price shifts were influenced by the confirmation of the United States and Iran that they will sign a peace agreement on Friday, and gasoline supply running short in the Gulf region. The Department of Energy (DOE) welcomed the signing of the peace deal, saying it will help ease local fuel prices.
“As far as oil crisis is concerned, we are grateful for the announcement of all the involved countries that there is a real intent to terminate whatever conflict they have, and we are praying that they will finalize the deal this Friday,” Energy Secretary Sharon Garin said in an online media briefing.
“Because of our big dependence of oil from the Strait of Hormuz, we are very much affected when something happens. But despite this direction that has been taken, we would rather go with prudence on this and not let our guards go down as something can still happen,” Garin said.
Last week, the per-liter price of diesel went up by P4.85 to P5.77 and kerosene by P4.75 to P8.10. Gasoline went down by 30 centavos.
