Month ends with oil price hike

MANILA, Philippines — Motorists face another oil price hike today caused by a weaker currency and production cuts in the global market.

Prices of gasoline and diesel increase today by P0.40 per liter each while kerosene prices are up P0.30.

The latest price adjustments bring the year-to-date movement in the prices of gasoline and diesel to a net increase per liter of about P7.55 and P4.85, respectively.

Kerosene, meanwhile, posts a net decrease of P0.95 per liter at the end of May.

Gasoline snapped its four straight weeks of decrease, while diesel and kerosene prices increased for the second consecutive week.

Most oil companies (Jetti Petroleum, Seaoil, Petro Gazz and Shell) implemented the price adjustments by 6 a.m., followed by Caltex at 6:01 a.m., with Cleanfuel adjusting its prices by 4:01 p.m. today.