Motorists brace for up to P1.70/liter oil price hike

A gas station attendant pumps fuel into a customer’s car. After a series of cuts, motorists will see up to 1.70/liter oil price hike this week. REUTERS/Afolabi Sotunde/File Photo

MANILA, Philippines – Motorists should brace for a big-time fuel price increase this week, with oil firms announcing a hike of up to P1.70 per liter.

This comes after two consecutive rounds of price cuts.

In separate advisories on Monday, Seaoil, PetroGazz, and CleanFuel said the prices of diesel would jump by P1.70 a liter.

READ: Big-time oil price hike slated next week

Prices of both gasoline and kerosene will also increase by some P1.20 per liter.

Industry players earlier said the potential increase in pump prices could still be attributed to the US-China trade tension and the Organization of the Petroleum Exporting Countries’ outlook of a “slower” supply growth this year.