Fuel price hike seen again this week
Oil prices are seen to rise further next week partly, due to geopolitical developments overseas.
This is a turnaround for diesel prices, which declined by P0.80 per liter this week.
Jetti Petroleum president Leo Bellas, in a statement on Friday, said diesel prices are seen to increase by P0.20 to P0.40 per liter and gasoline prices by P0.40 to P0.60 per liter.
Bellas explained that the movement of oil prices in the Asian benchmark, Means of Platts Singapore, was “relatively lower at the start of the week on the prospect that a peace deal in the war in Ukraine would ease sanctions on Russia and bring Russian oil back into global markets.”
“However, the uncertainty over the Ukraine peace talks has lifted oil prices due to growing concerns that tighter Western sanctions on Russia and additional US sanctions and tariffs on Russian oil buyers will disrupt supply flows,” he said.
