Oil firms to hike prices in two tranches amid global supply concerns

Local oil companies have agreed to implement fuel price increases in two tranches this week to lessen the burden on consumers, following discussions with the Department of Energy (DOE).

Effective June 24, Seaoil, Shell, Petron, Caltex, PetroGazz, Unioil, Jetti, and Cleanfuel will raise gasoline prices by P1.75 per liter, diesel by P2.60 per liter, and kerosene by P2.40 per liter.

A second round of identical price increases will be implemented either on June 26 or June 27.

Specifically, Seaoil, Shell, Caltex, and Petron will implement their second tranche on June 26, while Jetti and PetroGazz will follow on June 27.

DOE Officer-in-Charge Sharon S. Garin stated that the oil companies responded positively to the DOE's request to shield consumers from sudden price shocks.

These staggered increases are a response to global supply concerns, exacerbated by the United States bombing three Iranian nuclear sites over the weekend.

The DOE also urged oil companies to increase the number of their retail stations offering fuel discounts to the transport sector.