FUEL prices are estimated to soar by as much as P3 to P5 per liter next week, due to an effect of the conflict in Ukraine, as seen by industry sector.
This developed as the country saw a 10th straight price hike in oil products, amplified further by Russia’s invasion of Ukraine.
Diesel prices are expected to go up by as much as P5.30 to P5.50 per liter, while gas could rise by P3.60 to P3.80 per liter.
Meanwhile, kerosene could see a P4.00 to P4.10 increase per liter.
Prior to the recent hike, petroleum prices cumulatively increased by as much as P10 to P11.
Toward the end of February, oil ticked a brief surge of more than $100 a barrel, just as Russia announced a “military operation” on Ukraine. A few days later, WTI crude broke above $110 a barrel.
Russia, the world’s third largest oil producer, has been facing economic sanctions due to what is described by reports as the biggest assault on a European state since the Second World War.
Local industry players feared that the increase in gas prices may cause a price spike in basic commodities, with their reliance on petroleum in ferrying and producing goods.
But the Department of Trade and Industry said they do not see prices increasing as of now.
Oil companies implemented price hikes last Tuesday, March 1, marking the ninth straight week of increases since the beginning of the year.
Gasoline prices increased by P0.90 per liter and diesel by P0.80 per liter, bringing total year-to-date adjustments at a net increase of P9.6 per liter for gasoline and P11.65 per liter for diesel.
metrosundaily
