Prices of oil products up for second straight week

Gas prices will go up for the second consecutive week starting Sept. 2. In separate advisories on Monday, Jetti Petroleum,

Seaoil, Petron, PetroGazz and Cleanfuel said the prices per liter of diesel will go up by P1, and gasoline and kerosene by both 70 centavos.

Industry sources earlier said the increases could be blamed on persistent tensions involving major economies.

“Crude oil and refined fuel prices have rebounded this week, driven by concerns of supply disruptions after Russia and Ukraine intensified their attacks on each other’s energy infrastructure, and worries that new US sanctions on Russia and buyers of Russian crude oil will restrict global supply flows,” Jetti president Leo Bellas said.

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Last week, oil companies imposed price increases ranging from 30 centavos to 70 centavos per liter on gasoline, diesel and kerosene.