Diesel seen surging by P10/L Sept. 22
Double-digit increases in pump prices, particularly diesel, are expected next week. Jetti Petroleum president Leo Bellas said in an advisory on Friday that diesel prices could increase from P10 to P10.50 per liter, and gasoline, by P4.50 to P5 per liter.
“Attacks on Saudi Arabia’s East-West pipeline, a key oil route for bypassing the Strait of Hormuz, forced a shutdown of the system and triggered concerns that the loss of Saudi export capacity would severely affect global energy supplies,” he said.
Bellas based his estimates on foreign exchange movements and on the first four days of trading at the Mean of Platts Singapore, the basis for the pricing of refined petroleum products in Southeast Asia.
Next week’s fuel prices would mark the third consecutive week of hikes.
This week, oil firms raised the prices of gasoline by P5.68 per liter; diesel by P4.31, and kerosene by P4.62.
