Fuel File photo by JONJON C. REYES

Hefty oil price hike to take effect June 18

June 17, 2024 Edd Reyes 195 views

BIG and small oil companies will implement a hefty price increase on their petroleum products which will take effect on Tuesday, June 18, 2024.

Major oil companies Petron Corporation, Pilipinas Shell and Chevron Philippines, along with small oil firms Seaoil Philippines and Flying V announced on Monday an increase of their diesel products by P1. 75 per liter, gasoline by P0.85 per liter and P1.90 per liter on kerosene which will take effect at 6:01 a.m.

Two other major oil companies, Total Philippines and PTT Philippines, which do not carry kerosene, also bared that they will increase their gasoline and diesel products by the same increments at 6:01 in the morning, Tuesday.

Other independent oil players such as Jetti Petroleum, Phoenix Petroleum, Unioil Philippines, Petro Gazz and Eastern Petroleum which do not sell kerosene will increase the price per liter of their gasoline by P0.85 per liter and diesel by P1.75 per liter effective at 6 a.m. while Clean Fuel at 4:01 p.m. on Tuesday.

PTT Philippines Media Relation Officer Jay Julian said the reduction of oil export by Saudi in China, the drop in US crude inventories, and the increasing demand for oil in the international market are among the several reasons for hefty oil price increases.