Motorists in the Philippines would have to brace themselves for what is considered to be the biggest increase in oil prices this year.
Two oil companies will implement price increase effective 6 a.m. tomorrow in the Philippines, as per a report from the Philippine Star.
Pilipinas Shell Petroleum Corp. would implement an increase of P2.35 per liter on gasoline, P1.75 per liter on diesel and P1.80 per liter on kerosene. Petro Gazz is likewise to implement a similar price increase.
This is already the second week that oil companies implemented a price increase following drone attacks at the oil facilities in Saudi Arabia.
The attack cut the kingdom’s output by 5.7 million barrels per day. This is equivalent to more than five percent of the global oil supply.
Based on the monitoring of the Department of Energy (DOE), the drone attacks caused one of the largest oil spikes in crude oil history.
