Philstar
Fuel price hike next week
Motorists should prepare for a price increase in gasoline, diesel, and kerosene next week due to ongoing geopolitical tensions.
Oil industry experts project hikes of P0.60 to P0.80 per liter for gasoline, P1.20 to P1.40 for diesel, and around P0.80 for kerosene.
These estimates are based on trading results in the Mean of Platts Singapore over the past four days.
According to Rodela Romero of the Department of Energy, oil prices are soaring due to prospects of new US sanctions on Russian oil companies, Rosneft and Lukoil, over the conflict with Ukraine, as announced by President Trump.
Trump's failed attempt to broker a peace deal with Russian President Vladimir Putin has increased geopolitical risks.
Jetti Petroleum president Leo Bellas noted that this development could lead to tighter physical flows of Russian oil.
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