Expect to pay another PhP 1.05 more per liter of gasoline as fuel pump prices are expected to increase due to the global crude price surge last week.
Shell and Unioil Petroleum have announced price hikes to take effect on Tuesday, July 16, 2019 at 6:00 a.m. Other petroleum companies are expected to follow suit with similar price adjustments.
Global oil prices increased in the first half of last week amid continuing tensions in the Middle East and production cuts from the Organization of Petroleum Exporting Countries (OPEC).
This increase comes on the heels of another increase last week of PhP 0.25 per liter of gasoline.
Based on the data of the Department of Energy (DOE), year-to-date adjustments stand at a net increase of PhP 5.15 per liter for gasoline.