Fuel prices surge by up to P2/L

MANILA, Philippines, October 28 ------ Pump prices of petroleum products are set to climb by as much as P2 per liter today as tensions abroad continue to rattle the global oil market. In separate advisories, Petron, Jetti and Seaoil announced a per-liter price hike of P1.20 for gasoline, P2 for diesel and P1.70 for kerosene. With these adjustments, the year-to-date net increases for gasoline, diesel and kerosene now stand at P16.30, P19.15 and P6.55 per liter, respectively.

According to the Department of Energy (DOE), oil prices surged amid new US sanctions on Russia’s two biggest oil companies following President Donald Trump’s failed attempt to broker a peace deal between Moscow and Kyiv. “Unresolved issues between Russia and Ukraine increase geopolitical risks,” said Rodela Romero, assistant director of the DOE’s Oil Industry Management Bureau.

Jetti president Leo Bellas said the new measures would have “significant implications” on the Asian market. “Chinese state oil majors are set to suspend Russian oil purchases, and refiners in India are preparing to sharply cut Russian crude imports,” Bellas added.

Last week, oil firms hiked gasoline by P0.10 per liter and rolled back diesel and kerosene by P0.70 and P0.60 per liter, respectively.

Source: philstar.com