MOTORISTS should brace for higher retail prices of petroleum products beginning today as oil companies announced Monday big time price hike.
In an advisory, Petron, Shell Pilipinas and Seaoil said it will increase the prices per liter of diesel by P1.70. The prices of gasoline and kerosene, meanwhile, will both climb by P1.20 per liter.
Petro Gazz and Cleanfuel will implement the same changes, excluding kerosene which they do not carry.
Other firms have yet to release their price adjustments for the week as of press time.
Oil companies usually announce price adjustments every Monday to be implemented on the following day.
Department of Energy – Oil Industry Management Bureau (DOE-OIMB) assistant director Rodela Romero earlier said that the hike of pump prices could be attributed to the US and China agreeing to slash reciprocal tariffs on most imported goods during a 90-day pause.
The expected increase in fuel prices is also due to the US imposing sanctions on nearly two dozen firms involved in Iran’s international oil trade.
Aside from these, one of the reasons for the estimated increase of fuel products is the OPEC expecting slower 2025 oil supply growth and lower capital spending following a decline in oil prices. (GMA Integrated News)
