Fuel firms on Monday announced hefty increases in the prices of fuel on Tuesday, June 17.
Shell Pilipinas Corporation and Seaoil Philippines Corporation said the prices of gasoline and diesel will go up by P1.80 and kerosene by P1.50 per liter respectively.
This is the fifth consecutive time that fuel prices have increased.
Last week, gasoline prices went up by P0.60 per liter, diesel by P0.95 and kerosene by P0.30.
This week's price hike brings the net total price increase of gasoline to P6.90 per liter, diesel to P6.65 per liter and kerosene to P0.75 per liter.
The Department of Energy’s Oil Industry Management Bureau said several factors are affecting the price of oil, primarily the ongoing geopolitical tensions.
Other reasons are the ongoing and escalating Israel-Iran conflict, the possibility of a US-China trade agreement, the negative sentiment surrounding nuclear talks between the US and Iran, and the dwindling oil supply againsts high demand in the US.
The price increase will be implemented by Shell, Seaoil, PTT Philippines, Caltex, among other fuel firms at 6 am on Tuesday.