Motorists, brace yourselves for a heavier toll on your wallets as you gas up starting Tuesday (June 25). Oil firms have just announced a significant oil price hike, which will directly affect your fuel expenses.
In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil, Shell, and Unioil said they would increase gasoline prices by P1.40 per liter and diesel prices by P1.75 per liter.
Caltex, Seaoil, and Shell will also hike kerosene prices by P1.05 per liter.
Prepare for another blow to your budget. This will mark the second consecutive week that oil companies are raising prices at the pump, further escalating the cost of living.
According to industry experts, oil prices have increased in the global market on the back of geopolitical tensions, specifically Ukraine’s drone strike that caused a fire in a major oil terminal in Russia, as well as the looming full-blown war between Israel and Lebanon’s Hezbollah.
Last week, oil companies also implemented hefty fuel price increments.
This brought total price adjustment of gasoline, diesel, and kerosene on a year-to-date basis net increases of P6.90, P6, and P0.35 per liter, respectively.