Fuel prices expected to increase by P2 per liter on Tuesday

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Motorists are expected to brace for another round of fuel price hikes on Tuesday, July 18, as rising global oil prices continue to put pressure on local pump prices.

According to Unioil Petroleum Philippines Inc., diesel prices are expected to increase by P1.90 to P2.10 per liter, while gasoline prices are expected to increase by P1.80 to P2 per liter.

This would be the third increase in fuel prices in July, following a P0.20 per liter decrease in gasoline prices on July 11, and a P0.75 per liter increase in diesel prices on the same day.

The latest increase in fuel prices is being attributed to the rising global oil prices, which have been on the upswing in recent weeks. On Thursday, Brent crude futures rose over 1% to their highest in nearly three months, after U.S. inflation data suggested interest rates in the world’s biggest economy were close to their peak, according to a Reuters report.

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