Pump prices to go up by almost P2 by July 18

MANILA, July 17 ----- Pump prices are expected to increase by around P2 on Tuesday, with experts attributing the forecast to Russia cutting its oil supply.

Diesel and gasoline prices will go up by P1.90-P2.20 per liter. Kerosene prices will go up by P1.70 to P1.90 per liter."'Yung Russia, nagsabi na rin na magbabawas din kami [ng supply] kaya natakot ang merkado dahil sa tightening of supply," Jetti Petroleum President Leo Bellas told ABS-CBN News.

On average, petroleum prices have cost at least P55/liter in Metro Manila, taking for a drastic increase since 2022, when the conflict between Russia and Ukraine broke out. Russia is one of the biggest oil players ahead of the conflict, where it had met economic sanctions from the West imposed over the offensive against Ukraine.

Source: news.abs-cbn.com