LOCAL prices of petroleum products will increase anew starting today, January 20, with diesel rising for four consecutive weeks, as more geopolitical tensions erupted.
In an advisory Monday, Petron and Seaoil said the per-liter price of diesel would go up by P2.
Gasoline will also increase by P1 a liter. Kerosene, meanwhile, will also mark its fourth straight week of price hikes with an additional P1.50 per liter.
Jetti Petroleum president Leo Bellas said prices of crude oil and refined fuel products had “increased significantly.”
“[This was] due to the volatile and unpredictable environment arising from the simultaneous geopolitical tensions in Venezuela, Iran and the Black Sea, despite the potential supply glut looming over the market,” Bellas said.
He added: “The protests in Iran and the threat of US intervention in support of demonstrators have raised concerns that the ensuing conflict could spread and threaten flows through the Strait of Hormuz.”
The Strait of Hormuz is a crucial route for oil supply coming from the Persian Gulf in the Middle East. (Lisbet K. Esmael © Philippine Daily Inquirer)
