LOCAL PETROLEUM products will be costlier by up to P1 per liter beginning today, February 10, with diesel prices now on a seventh-week streak of hikes.
In an advisory Monday, Petron and Seaoil said the per-liter price of diesel will increase by P1.
Gasoline and kerosene prices will also climb by 60 centavos a liter, marking their fifth and seventh consecutive week of upward price adjustments, respectively.
Jetti Petroleum president Leo Bellas earlier said the fresh round of oil price hikes were due to supply risks and continued geopolitical conflict.
“Diesel price has found support from weather-related supply and demand issues, as well as the continued geopolitical tension in the Middle East that directly affects supply dynamics, at a time when Europe is moving away from Russian-origin supplies,” Bellas said.
The Department of Energy previously assured consumers that it was closely monitoring the local market to ensure that price adjustments remain fair and just.
On February 3, prices of diesel products jumped for the sixth straight week, with P1.60 per liter increase.
Gasoline’s upward adjustments were also seen last week, with an additional 80 centavos per liter. Kerosene prices rose, too, by P1.10 a liter. (Lisbet K. Esmael © Philippine Daily Inquirer)
