Motorists were hit with a new round of fuel price increases as oil companies announced an upward price adjustment effective this morning.

In separate advisories yesterday, local oil companies announced that the prices of gasoline increased by 30 centavos while both diesel and kerosene inched up by 90 centavos.

The Department of Energy Oil Industry Management Bureau or DoE-OIMB attributed the second consecutive price hike to the lingering conflict in the Middle East, with more attacks on Gaza, as well as shipping issues in the Red Sea.

Price adjustments

Oil companies announce price adjustments every Monday to be implemented on the following day’s morning.

They adjust their prices weekly based on the movement of the Mean of Platts Singapore — the regional pricing benchmark adopted by the deregulated downstream oil sector. The Philippines, as a net importer of oil, has no control of the global price movement.