Motorists should brace for a significant oil price hike of as much as P1.90 per liter today to reflect recent developments in the global oil market.

In separate advisories, Shell, Caltex and Seaoil announced price increases of P0.85, P1.75 and P1.90 per liter for gasoline, diesel and kerosene, respectively.

PetroGazz, Cleanfuel and Unioil will also implement the same price adjustments except for kerosene, which they do not carry.

The latest price movements will bring the year-to-date net increases for gasoline, diesel and kerosene to P6.90, P6 and P0.35, respectively.

The Department of Energy (DOE) said last week that domestic pump prices would increase amid the volatility in the international oil market.

Among the factors that contributed to the upward price trajectory are the upbeat global oil demand forecasts for 2024, DOE-Oil Industry Management Bureau assistant director Rodela Romero said.

OPEC and the US Energy Information Administration both expect global oil demand this year to improve, with travel and tourism expected to drive consumption.

Uncertainties over the timing of the US central bank's policy easing and the 'reduced Saudi exports to China and potential US reserve purchases' also put pressure on domestic oil prices, Romero added.

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