OIL companies have announced a substantial increase in fuel prices, effective Tuesday, June 17.
Gasoline and diesel prices will rise by P1.80 per liter each, while kerosene will see a P1.50 per liter increase.
This significant price adjustment is primarily attributed to escalating geopolitical tensions in the Middle East, which have impacted global oil markets.
The price hike marks the fifth consecutive week of gasoline price increases, adding further pressure on consumers already grappling with rising inflation.
The price adjustments will be implemented at different times by various companies.
PTT Philippines will implement the changes at 6:00 a.m. on Tuesday, followed by Caltex Philippines at 6:01 a.m., and Cleanfuel at 4:01 p.m.
The impact of this latest price increase is expected to be felt across various sectors, potentially leading to higher transportation costs and increased prices for goods and services.
The continuing rise in fuel prices raises concerns about the potential for further economic strain on Filipino households
