Diesel price hike seen on Oct. 27

A new price hike for diesel is expected next week due to worsening geopolitical conflicts. In an advisory on Friday, Jetti Petroleum president Leo Bellas said diesel prices may increase by P2 to P2.50 per liter.

But motorists may also get small relief, with gasoline scheduled for a rollback of P1 to P1.50 per liter. Another factor pushing diesel prices up include Ukrainian attacks on Russian refineries, the industry executive said.

Official price adjustments will be released on Monday. This week, oil firms implemented a price cut of P4.30 per liter and P1 per liter for gasoline and kerosene, respectively.

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Diesel, meanwhile, had a price hike of P2.60 per liter.