Gasoline price hikes set; diesel up P2.70/liter today

MANILA, Philippines, November 4 ------ Local oil prices will surge in the first week of November, with diesel prices making the biggest jump of P2.70 a liter. In an advisory, Seaoil said gasoline and kerosene would also increase by P1.70 and P2.10 a liter starting today.

This marks the fifth straight week of hikes for gasoline, and the second for both diesel and kerosene. Gasoline price hikes set; diesel up P2.70/liter today. Last week, Jetti Petroleum president Leo Bellas said the new sanctions against Russian oil producers Rosneft and Lukoil “have introduced significant compliance risks and uncertainty into the market.” “Growing concerns that refined products output will tighten globally due to the US sanctions on key Russian producers have resulted in strengthening diesel and gasoline prices outside of crude movements,” he added.

Source: inquirer.net