LOCAL oil prices will surge this first week of November, with diesel prices making the biggest jump of P2.70 a liter.
In an advisory on Monday, November 3, Petron and Seaoil said gasoline and kerosene would also increase by P1.70 and P2.10 a liter starting today, November 4.
This marks the fifth straight week of hikes for gasoline, and the second for both diesel and kerosene.
Last week, Jetti Petroleum president Leo Bellas said the new sanctions against Russian oil producers Rosneft and Lukoil “have introduced significant compliance risks and uncertainty into the market.”
“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.
Earlier on October 31, the Department of Energy-Oil Industry Management Bureau also cited the “signs of easing US-China trade tensions that would boost demand” and “UK, US and EU sanctions to Russia” as reasons for the anticipated fuel price adjustments this week.
Last Tuesday, October 28, fuel firms hiked the prices per liter of gasoline by P1.20, diesel by P2, and kerosene by P1.70. (Lisbet K. Esmael © Philippine Daily Inquirer)
