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Fuel Prices May Increase Up to P4-5 Per Liter Next Week

An industry source said that fuel prices may soar up to P4-5 per liter next week amid the war between Russia and Ukraine.

According to an oil industry source “Mean of Platts Singapore,” the local prices of petroleum products including gasoline, diesel and kerosene are expected to shoot-up starting next week amid the Russia-Ukraine war.

The source claimed that the price of diesel may soar up to P5.30 to P5.50 citing the oil trading monitoring during the last five days. The gasoline prices may increase by P3.50 to P3.70 per liter.

Fuel Prices

The Standard and Poor’s Platts assesses the daily average of trading transactions between buyers and sellers of petroleum products, according to the local oil industry.

Unioil Petroleum Philippines announced that gasoline prices may go up to P3 per liter while diesel may climb by P4 per liter on March 8 to 14, 2022.

The gasoline stations in the Philippines usually make announcement every Monday and implement the price adjustments every Tuesday. The impending oil price hike will mark the 10th consecutive weeks of price hike.

The total year-to-date adjustments shows a total net increase of P9.6 per liter for gasoline and P11.65 per liter for diesel as of March 1, 2022, according to the Department of Energy.

The Global benchmark Brent crude price climbed to over $119 per barrel due to the current war crisis between Russia and Ukraine. The crisis will continue to affect the prices of petroleum products in the global market.

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Read Also: Fuel & Flour Prices May Increase Due to Ukraine Crisis

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