MOTORISTS, especially public utility vehicle drivers, should brace for a big-time oil price hike set on Tuesday, October 11, 2022.

In an advisory, Pilipinas Shell, Cleanfuel and Seaoil said they will implement an additional of P6.85 per liter of diesel, P1.20 per liter of gasoline and P3.50 per liter of kerosene.

Shell and Seaoil will implement the price adjustment at 6 a.m. and Cleanfuel at 8:01 a.m.

This major increase, particularly on diesel, came following a five consecutive week rollback, which ranges from P.40 to P4.40 per liter.

Earlier, Oil Industry Management Bureau Director Rino Abad said the Organization of Petroleum Exporting Countries (OPEC) decided to cut oil production by two million barrels due to the decline in oil prices brought about by the interest rate hikes in the United States.

As of October 4, the year-to-date total adjustments stood at a net increase of P14.45 per liter for gasoline, P28.95 per liter for diesel, and P23.25 per liter for kerosene. (SunStar Philippines)