Fuel prices to surge anew due to Ukraine war

Updated Sat, March 5, 2022 at 5:08 PM Published Thu, March 3, 2022 at 10:29 PM

Consumers can expect significant pump price increases next week, with diesel possibly rising by P5.40 to P5.50 per liter, gasoline by P3.60 to P3.70 per liter, and kerosene by P3.95 to P4.05 per liter.

These hikes are driven by the ongoing Russia-Ukraine war, which has caused global crude oil prices to surge, with Brent crude reaching $118 per barrel.

This would mark the 10th consecutive weekly price increase since the start of the year.

Local industry players fear that the increase in gas prices may cause a price spike in basic commodities due to their reliance on petroleum in ferrying and producing goods.

For kerosene products, its impact will not just be on household use but also across significant industries, including the aviation sector, potentially leading to increased airline fares.

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