Higher fuel prices seen Nov. 18
Prices of petroleum products may become costlier next week with another round of hikes. In an advisory on Friday, Jetti Petroleum president Leo Bellas said per-liter prices of diesel may increase by P1 to P1.20 beginning on Tuesday, Nov. 18.
Gasoline may also have an upward adjustment of P1.30 to P1.50 a liter.
This would mark the fourth round of increases for diesel and the seventh for gasoline. Bellas said factors contributing to the potential price hike of diesel include the planned refinery closures, which could limit supply, as well as the “growing concerns” about sanctions against Russian oil.
“Gasoline prices remain supported as well amid expectations of tighter supply as firm regional demand continues to draw down inventories, and as exports from major regional producers have been declining on the back of refinery outages and planned turnarounds,” he said.
This week, motorists saw gasoline and diesel prices increasing by 50 centavos and P1 a liter, respectively.
