Gasoline prices to jump by over P1 on September 17

MANILA, Philippines – Oil companies announced big-time hikes to be implemented on Tuesday, September 17.

Caltex, Shell, Petro Gazz, Phoenix Petroleum, and Clean Fuel will raise gasoline prices by P1.35 per liter and diesel by P0.85 per liter.

Companies offering kerosene will hike prices by P1 per liter.

Most companies will implement the new rates on Tuesday at 6 am, except for Cleanfuel which will set the new rates on Wednesday, September 18.

The price adjustment raises the year-to-date net increases to P5.51 per liter for gasoline, P4.02 for diesel, and P2.01 for kerosene.

The announcement comes as oil prices in the world market saw a record surge on Monday, after attacks on two Saudi facilities slashed output in the world's top producer by half. (READ: Trump says U.S. 'locked and loaded' to respond to Saudi oil attack–

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.