P2.70 diesel price hike seen next week
Motorists must be ready for another round of diesel price hike, as industry estimates showed as much as P2.70 per liter increase next week.
In an advisory on Friday, Jetti Petroleum president Leo Bellas said the prices of diesel may jump by P2.50 to P2.70 a liter starting Nov. 4.
If this is implemented, next week marks the second straight week of upward price adjustment for diesel.
Gasoline prices may also climb by P1.50 to P1.70 per liter.
Just on Oct. 28, local fuel retailers imposed P2 and P1.20 per-liter increases for diesel and gasoline, respectively.
“Oil prices continued their rally this week as the sanctions on Russian oil producers Rosneft and Lukoil, which together account for more than 5 percent of global oil output, have introduced significant compliance risks and uncertainty into the market,” Bellas said.
“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.
