MANILA, Philippines — Motorists should brace for a looming big-time oil price increase on Friday, June 7, 2022.

In separate advisories on Monday, Shell, Cleanfuel, Caltex, and SeaOil said that they will increase the pump price of gasoline by P2.70 per liter and diesel by P6.55 per liter.

The said firms will likewise jack up their kerosene price by P5.45 per liter, except Cleanfuel as it does not carry the said product.

Caltex and Cleanfuel will implement the cost increase at 12:01 a.m. and 8:01 a.m., respectively on Friday.

The price adjustments of Shell and SeaOil, on the other hand, will take effect at 6:00 a.m. on the same day.

According to the Department of Energy, among the reasons for soaring oil prices are the start of increasing demand of northern hemisphere nations brought by the summer peak period, and European Union’s ban on Russian oil imports.