Price Tracker: Oil, fuel monitor for June 9

Drivers and motorists in Metro Manila should prepare for increased expenses as the Department of Energy has announced a significant oil price increase for diesel and kerosene, effective from June 9 to 15. This follows a substantial rollback in prices from the previous week.

Gasoline prices, however, are subject to change, with individual retailers determining whether to implement a decrease of P1.70 per liter or an increase of P0.30 per liter. The DOE's announcement indicates the following specific adjustments: diesel prices will rise by P3.77 to P5.77 per liter, and kerosene prices will increase by P6.10 to P8.10 per liter.

These fluctuations in fuel costs are largely influenced by the dynamics of the global oil market. The ongoing conflict in West Asia, stemming from a US-Israel attack on Iran in February, continues to be a major factor. Although Iran has reportedly halted current attacks and Israel has stated the situation is 'contained,' both nations have warned of retaliation if hostilities resume, with tensions related to Lebanon remaining unresolved.