The big oil price hike will take effect on June 7

MANILA, Philippines – Motorists must be prepared for an impending big moment rise in the price of oil Friday, June 7, 2022.

In separate notices on Monday, Shell, Cleanfuel, Caltex and SeaOil said they would raise the pump price of gasoline by 2.70 pesos per liter and diesel by 6.55 pesos per litre.

The said companies will also increase their price of kerosene by 5.45 pesos per litre, except for Cleanfuel as it does not sell the said product.

Caltex and Cleanfuel will implement the cost increase at 12:01 a.m. and 8:01 a.m., respectively, on Friday.

Price adjustments from Shell and SeaOil, on the other hand, will take effect at 6 a.m. on the same day.

According to the Ministry of Energy, among the reasons for the spike in oil prices are the onset of growing demand from countries in the northern hemisphere brought by the summer peak period and the European Union ban on imports. of Russian oil.

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