Oil corporations are set to introduce a substantial price hike on Tuesday, July 18, 2023.

In a statement released on Monday, Shell, Seaoil, Cleanfuel, and Caltex announced their decision to increase gasoline prices by P1.90 per liter and diesel prices by P2.10 per liter.

Moreover, Shell, Seaoil, and Caltex disclosed that the price of kerosene would also experience a surge of P1.80 per liter.

This announcement follows Saudi Arabia’s recent declaration of reducing its oil production by 1 million barrels per day for the current month.

On July 11, 2023, oil companies had previously lowered gasoline prices by P0.20 per liter, while diesel and kerosene witnessed an increase of P0.75 per liter and P0.50 per liter, respectively.