Motorists will pay more when they gas up starting at 6 a.m. on Tuesday, June 18, as oil companies announced a major price hike.
The Department of Energy (DOE) said the forecasted high demand from the United States and the Organization of Petroleum-Exporting Countries is driving petroleum prices up.
The following price hikes will take effect on Tuesday, June 18.
SHELL PILIPINAS, CALTEX, SEAOIL (from 6 a.m.)
Gasoline P0.85/liter increase
Kerosene P1.90/liter increase
Diesel P1.75/liter increase
PETROGAZZ (from 6 a.m.)
Gasoline P0.85/liter increase
Diesel P1.75/liter increase
The DOE said a sharper-than-expected drop in US crude inventories, uncertainties over the timing of the US Fed Reserves on the interest rate cut, the reduced Saudi exports to China, and potential US reserve purchases could also send prices higher.