Motorists will pay more for petroleum products this week, as local oil firms are imposing another round of hikes of as much as P1.20 per liter.
In an advisory yesterday, Seaoil said that beginning today, February 24, the per-liter price of diesel and kerosene would jump by P1.20. This marks their ninth straight week of increases.
Gasoline will likewise be costlier by 60 centavos per liter, its seventh week in a row of rising prices.
Industry sources said late last week that the upward price movements were caused by persistent geopolitical tensions, including those in the Middle East and the Ukraine-Russia war.
“Concerns over military activities in the region have increased the likelihood of US strikes on Iran and decreased the prospect that the conflict will be resolved through diplomatic means,” Jetti Petroleum president Leo Bellas earlier said. (Lisbet K. Esmael © Philippine Daily Inquirer)
