Philstar
Gas, diesel prices up by P1.20/L today
Gasoline and diesel prices are set to increase by P1.20 per liter starting Tuesday, November 18, marking the seventh consecutive weekly hike for gasoline and the fourth for diesel.
This price adjustment, implemented by major oil companies including Jetti, Petron, Seaoil, Caltex, and PTT Philippines, is driven by tightening global supply and increasing regional demand.
Western sanctions on Russian oil, due to the ongoing invasion of Ukraine, are also contributing to the upward pressure on prices, according to the Department of Energy.
A price freeze remains in effect for kerosene, following the declaration of a national state of calamity due to recent tropical cyclones.
Jetti president Leo Bellas anticipates that further significant price increases may be capped as supply tightness is expected to ease with refineries returning from seasonal maintenance.
The year-to-date net increases for gasoline and diesel now stand at P19.70 and P24.05 per liter, respectively.
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