• CHERYL G. CRUZ
Bad news for motorists.
The pump prices of petroleum products will go up big time this week, with diesel set to increase by P2.50 to P2.80 per liter, gasoline by P2.20 to P2.50/L, and kerosene by P2.40 to P2.70/L.
The exact adjustments will be known today as oil companies regularly implement movements in fuel prices every Tuesday.
This will be the fourth straight week of price hikes for diesel and kerosene, and the third for gasoline.
The Department of Energy said global markets “were on edge after Iran launched a new missile attack on Israel, raising fears of a major regional escalation and potential direct conflict between the two nations.”
The escalating tensions in the Middle East have been raising fears of a possible supply disruption, the DOE said, adding that the price of Dubai crude has increased by around $0.50 per barrel.
“The international price of diesel and kerosene have also increased week-on-week by about $1.80 and $1.30 per barrel, respectively,” the DOE Oil Monitor showed.
Total diesel adjustment stood at a net increase of P4.05/liter, while gasoline remained at P6.40/liter since the start of this year.
Kerosene, on the other hand, logged a total net decrease of P5.35/liter in the first 10 months of 2024, the DOE said. | CGC
