OIL companies will implement anew a big-time oil price hike on Tuesday, August 30, 2022.In its advisory, Pilipinas Shell and Seaoil announced a P6.10 per liter increase on diesel and kerosene and P1.40 per liter on gasoline starting 6 a.m. Tuesday.Cleanfuel will implement the same price adjustment starting at 8:01 a.m., except for kerosene, which it does not carry.Oil price hikes have been implemented for two consecutive weeks, starting last week, following a series of price decreases over about seven weeks.According to the Department of Energy (DOE), the year-to-date adjustments for petroleum products stood at a net increase of P18.15 per liter for gasoline, P31.70 per liter for diesel, and P27.10 per liter for kerosene as of August 23, 2022.Among the factors that caused the price increase were the movement of oil prices in the world market given the increase in demand, particularly in the United States and Europe amid the looming supply shortage brought about by the Russian invasion of Ukraine. (SunStar Philippines)