MANILA, Philippines - Gasoline, diesel prices are expected to increase for the third consecutive week, mostly due to the escalation of attacks between Russia and Ukraine, local oil industry sources said on Friday.
They said that gasoline prices would go up by P1 to P1.20 per liter and diesel by P1.30 to P1.50 per liter.
Gasoline, diesel prices to increase by P1 next week, This news data comes from:http://www.redcanaco.com
These estimates are based on the 4-day trading of Mean of Platts, Singapore, the pricing basis of refined goods in Southeast Asia.
Market reactions to recent global oil-related developments, specifically the damage to Russian oil processing facilities by Ukrainian attacks, US imposition of new sanctions on Iran’s oil revenue stream and Saudi Aramco and the halt to exports to India’s refinery by Iraq’s state oil marketer SOMO were cited as the reasons for the new round of increases.
This week, local oil companies implemented increases in gasoline and diesel by P0.70 per liter and P1 per liter respectively.
- US appeals court finds Trump's global tariffs illegal
- SC clarifies rules on land ownership
- House panel defers 2026 DPWH budget until agency submit changes
- 'No way' US troops can invade Venezuela, says Maduro
- COA flags fraud in P342M Bulacan flood control projects
- Escudero says new lease law to make PH more appealing to investors
- Modi reaffirms India's support for Ukraine peace settlement during call with Zelenskyy
- COA launches sweeping audit of flood control projects
- Portugal mourns after Lisbon streetcar accident kills 15
- Malaysia warns TikTok vs cyberbullying, deepfakes
