The price of gasoline is set to rise again, effective tomorrow, June 9, 2020. The price per liter of gasoline will increase by PhP1.75 per liter.
Pilipinas Shell announced the price increase today, with many of the larger fuel companies expected to adopt similar price adjustments tomorrow.
Fuel prices continue to increase as middle eastern oil producers and OPEC+ members continue to enforce their agreement to cut oil production as a result of reduced demand.
OPEC+ members had just met in June 6, 2020, agreeing to continue to limit production until July. The move is a bid to rebalance the oil market as a result of reduced demand for fuel due to the coronavirus and an oversupply which had drastically reduced the price of oil in March.
Oil prices are beginning to rebound as a result of reduced production and decreased imports in response to weakened demand from consumers.