Big diesel price hikes seen today

MANILA, July 14 ------ Fuel prices are set to rise again today, July 14.

The Department of Energy (DOE) has given the following ranges for oil price adjustments for this week:

- Gasoline - P1/L decrease to P1/L increase

- Diesel - P2.62/L to P4.62/L increase

- Kerosene - P2.22/L to P4.22/L increase

Oil companies have also announced the following oil price movements effective Tuesday, July 14:

SHELL PILIPINAS (effective 6 a.m.)

- Gasoline - P1/L increase

- Diesel - P4.60/L increase

- Kerosene - P2.30/L increase

The skyrocketing prices of oil following the US-Israeli attacks on Iran have been blamed for the surge in Philippine inflation since March. But even with the expected normalization of oil shipping on the Strait of Hormuz, analysts have said that it may take months before fuel prices return to pre-Mideast war levels.

Inflation has eased to 6.4 percent in June. National Statistician Dennis Mapa said the Middle East conflict can still affect the country’s inflation going forward, as transportation costs still contribute substantially to the inflation number.

Source: news.abs-cbn.com