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Another hefty upward price adjustent will be implemented by oil companies this week, which means that motorists will have to pay more for fuel products.
Oil companies like Seaoil, Cleanfuel and Shell Pilipinas said on Monday in separate advisories that they would jack up fuel prices starting Tuesday, June 25.
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They said the per-liter price of diesel will increase by P1.75, and P1.05 for kerosene.
The price of gasoline per liter, meanwhile, would also climb by P1.40.
According to Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, the oil price hikes this week could be attributed to the “continued geopolitical tensions and supply risks.”
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“Last June 18, Ukrainian drone strike caused a fire at a major Russian oil terminal while the Israel’s “all out war” with Lebanon’s Hezbollah contributed to the tension,” the official added.