Big-time oil price hike set Tuesday

MANILA: Pump prices will be more expensive starting Tuesday (June 25) as oil firms will implement more than PHP1 increase. In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil, Shell, and Unioil said they would increase gasoline prices by PHP1.40 per liter, and diesel prices by PHP1.75 per liter. Caltex, Seaoil, and Shell will also hike kerosene prices by PHP1.05 per liter. This will be the second consecutive week that oil companies hike prices at the pump. 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 year-to-date basis net increases of PHP6.90, PHP6, and PHP0.35 per liter, respectively. Source: Philippin es News Agency