Big-time oil price hike effective June 25

Big-time oil price hike effective June 25

10:37 AM June 24, 2024

Big-time oil price hikes

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Motorists will have to pay more for fuel products this week as oil companies will implement another hefty upward adjustment.

In separate advisories on Monday, Seaoil, Cleanfuel, and Shell Pilipinas said they would jack up fuel prices starting Tuesday.

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READ: Another big-time fuel price hike looms next week

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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.”

“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.

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TAGS: Department of Energy (DOE), Oil Price Hike

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