The Daily Tribune
Conflicts, sanctions make pump prices spike next week
Motorists in the Philippines can anticipate another fuel price hike next week, potentially the third consecutive week for gasoline, diesel, and kerosene.
The Department of Energy's Oil Industry Management Bureau (OIMB) projects an increase of approximately P1.00 per liter for gasoline, P1.40 per liter for diesel, and P0.80 per liter for kerosene.
These projected adjustments are influenced by global geopolitical and supply concerns, including new US sanctions on Iran's oil revenues.
Further contributing factors are the suspension of exports by Saudi Aramco and Iraq's SOMO to an Indian refinery facing EU sanctions, and escalating airstrikes in Russia and Ukraine.
Jetti Petroleum, Inc. President Leo Bellas estimated diesel could increase by P1.30 to P1.50 per liter and gasoline by P1.00 to P1.20, citing concerns over supply disruptions due to Ukrainian attacks on Russian oil processing facilities.
Oil companies are expected to announce their final price adjustments on Monday, with the increases taking effect on Tuesday.
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