Price adjustments of Pilipinas Shell Petroleum Corp. take effect on Tuesday at 6 a.m.

Motorist will have to brace for higher petroleum prices this week as industry players have imposed a hefty P2.35 per liter hike — the highest increase year-to-date — following the attack on two Saudi Arabia oil production plants.

Among the first batch of announcements were Pilipinas Shell Petroleum Corp., which is raising the cost of gasoline by P2.35 per liter, kerosene by P1.80 per liter, and diesel by P1.75 per liter. The adjustments take effect on Tuesday at 6 a.m.

Meanwhile, Petro Gazz Corp. said it will also implement a P2.35-increase in gasoline prices and P1.80 for every liter of diesel. The increases will likewise take effect at 6 a.m. on Tuesday.

The adjustments reflected the international movement of the market.

Last week, news of an attack on Saudi Aramco’s production plants — the country’s largest oil production plant — sent global petroleum prices soaring amid worries of a supply cut in Asia. Yemen’s Iran-backed Houthi rebels claimed responsibility for the attack.

The attack was said to have ceased the production of some 5.7 million barrels of crude per day, which represent more than half of Saudi Arabia’s global daily exports and over 5 percent of world’s daily crude oil production.

Most of Saudi Arabia’s output from the facility was said to be for the Asian market.

Following the attack, US President Donald Trump raised the possibility of a military strike on Iran.

In the Philippines, year-to-date adjustments stand at a net increase of P5.51/liter for gasoline, P4.02/liter for diesel and P2.01/liter for kerosene.