Oil firms implement big-time price increase
Price increases on petroleum products ranging from P1.70 to P2.70 per liter will take effect starting on Nov. 4.
In separate advisories on Monday, Jetti Petroleum, Seaoil, Petron and Flying V announced an increase of P2.70 per liter in the price of diesel.
Gasoline and kerosene, on the other hand, will be more expensive by P1.70 and P2.10 per liter, respectively. This marks the fifth week of consecutive hikes for gasoline, and the second for both diesel and kerosene.
The upward adjustment in diesel is also the sharpest since June. Jetti Petroleum president Leo Bellas earlier said the new sanctions against Russian oil producers Rosneft and Lukoil “have introduced significant compliance risks and uncertainty into the market.”
“Growing concerns that refined products output will tighten globally due to the US sanctions on key Russian producers have resulted in strengthening diesel and gasoline prices outside of crude movements,” he added.
This week’s price movements bring the year-to-date net increases per liter to P18 for gasoline, P21.85 for diesel and P8.65 for kerosene.
