OIL PRICES are projected to rise up to P2.70 per liter in the first week of November, based on price movements as of October 30.
In a report on October 31, Jetti Petroleum president Leo Bellas said diesel prices are seen to increase between P2.50 and P2.70 per liter, and gasoline between P1.50 and P1.70 per liter.
Bellas attributed this in part to sanctions by the US against Russian oil producers Rosneft and Lukoil, which, he said, “account for more than 5 percent of global oil output.”
The sanctions, he said, “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.
The projected price hikes next week follow the up to P2 per liter hike in fuel prices this week, and will be the fourth straight week of gasoline price hikes. (PNA)
