Big-time oil price hike set for Tuesday
Motorists will have to cough up more money when they gas up on Tuesday, as local fuel retailers will implement a big-time price hike as high as P2 a liter.
In separate advisories on Monday, Jetti Petroleum and Seaoil said the per-liter price of diesel would go up by P2.
Gasoline and kerosene will also have upward price movements at P1.20 and P1.70 a liter, respectively.
Jetti Petroleum president Leo Bellas attributed this to the fresh sanctions against Russia’s two major oil firms.
“Oil prices are higher … due to concerns that the fresh US sanctions on Russian companies, following sanctions imposed by Britain last week, could lead to tighter physical flows of Russian oil,” Bellas said.
“This could force buyers of Russian oil to reroute volumes to other sources, causing major disruptions in supply flows,” he added.
