MANILA – Another round of fuel price hikes is anticipated in the first week of August as imported fuel prices continue to soar in the global market. Jetti Petroleum president Leo Bellas reports that after the first three trading days, gasoline prices have risen by P0.41 per liter, diesel by P0.13 per liter, and kerosene by P0.02 per liter.
Fuel prices have been impacted by the ongoing Middle East conflict involving Israel, Hamas, and Hezbollah of Lebanon, which has created concerns about possible supply disruptions. Bellas expects a minimal fuel price increase next week, which will be lower than the hike seen in the last week of June.
Hefty Oil Price Hike Set for Tuesday, June 25
Additionally, LPG prices are likely to remain the same or see a slight increase of about P0.50 per kilo on July 1. Arnel Ty, president of Regasco, states that the Middle East conflict is also causing market worries, leading to potential price upticks for LPG.
Dilapidated LPG Tanks
Ty, who also serves as the president of the LPG Marketers Association, reminds consumers to exchange dilapidated LPG cylinders for new ones as the deadline for confiscating substandard tanks approaches. According to the LPG Industry Regulations Act, unsafe tanks must be confiscated by October this year, three years from the law’s effectivity.
Substandard LPG tanks, including those without visible branding or permanent marking and those that are rusted, pose significant safety risks such as leaks and accidents. Consumers can exchange these tanks at their nearest dealer at no cost.
The LPGMA emphasizes the importance of using safe, standard-compliant cylinders to prevent accidents and ensure consumer safety.
The expected increase in fuel prices, driven by geopolitical tensions and market uncertainties, highlights the need for consumers to stay informed and prepared for potential impacts on their daily expenses.
