Philstar
Gas prices up by P1.70, diesel by P2.70 today
Filipino consumers face higher fuel costs as oil companies announce price increases effective November 4.
Jetti, Seaoil, Petron, and Caltex will increase gasoline prices by P1.70 per liter, diesel by P2.70 per liter, and kerosene by P2.10 per liter.
These price hikes are driven by sanctions imposed by the US, UK, and EU on Russian oil firms Rosneft and Lukoil, which account for over five percent of global oil output.
The sanctions have introduced compliance risks and uncertainty, fueling concerns about global supply constraints.
The year-to-date net increases now stand at P18 per liter for gasoline, P21.85 for diesel, and P8.65 for kerosene.
Previously, gasoline, diesel, and kerosene prices saw increases of P1.20, P2, and P1.70 per liter, respectively, last week.
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The Department of Energy (DOE) has projected a significant increase in oil prices in the Philippines starting next week, citing eased trade tensions between the US and China as a key factor.
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Diesel and kerosene prices are expected to increase next week, with diesel projected to rise by P0.50 to P0.70 per liter and kerosene by P0.35 per liter, according to oil industry experts.
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