Big time oil price hike set on Tuesday June 7, diesel seen higher by over P6 per liter

(UPDATE) Another big time oil price hike looms, as Western nations imposed more sanctions on Russia over its invasion of Ukraine, fuel demand increased due to the summer driving season in the United States, and COVID-19 restrictions were eased in China. 

Diesel prices are expected to increase by up to P6.55 per liter on Tuesday, while kerosene will increase by P5.45 per liter and gasoline prices will rise by P2.70 per liter. 

This was after the European Union announced the partial ban of Russian oil imports.

As of May 31, local prices of gasoline have gone up by P23.85 per liter, diesel by P30.30 per liter and kerosene by P27.65 liters since the start of the year, according to the Department of Energy.

• Diesel prices could go up by more than P6; gasoline, kerosene rates to increase, too
• EU's Russian oil ban unlikely to affect OPEC+ decision