MANILA, Philippines — Motorists should brace for another round of fuel price hikes today, with diesel and kerosene prices increasing by over P2 per liter.
Oil companies such as Shell, Caltex and Seaoil are set to hike prices of gasoline by P1.65 per liter, diesel by P2.70 per liter and kerosene by P2.50 per liter.
PetroGazz, Cleanfuel, PTT Philippines and Jetti will apply the same price adjustments, except for kerosene, which they do not offer.
These fuel price hikes, which marked the third consecutive increase, were attributed to a new round of sanctions imposed by the US and UK on Russian oil companies, according to the Department of Energy.
The measures reportedly target traders and hundreds of oil tankers in an effort to reduce Russia’s energy revenue and weaken its war chest amid the ongoing conflict with Ukraine.