Major Philippine oil firms are expected to increase fuel prices effective Tuesday, 6:00 AM, Sept 24, 2019.
Shell annonced that gasoline is expected to increase by PhP 2.35 per liter. The country's major oil firms are also expected to implement similar price increases tomorrow.
The price increase is linked to the recent drone attacks on Saudi Arabia oil facilities. Aramco, which operates the facilities hit by the attacks reportedly produces 1% of the the world's oil with the attacked facility producing 7% of the global supply. 75% of Aramco's oil products go to Asia.
This is the second consecutive week of price hikes following weeks of price cuts in the month prior.