• CHERYL G. CRUZ
Another round of oil price hike will take effect tomorrow, Nov. 4, with diesel set to increase from P2.50 to P2.80 per liter, gasoline by P1.30 to 1.50/L, and kerosene by P1.80 to P2.20/L.
The exact adjustments will be known today.
This will be the fifth consecutive week of gasoline price hikes, and the second for diesel and kerosene, after upward adjustments of P1.20/L, P2/L, and P1.70/L, respectively, effective Oct. 28.
Jetti Petroleum president Leo Bellas said in a Philippine News Agency report the other day that the increase is due to “sanctions by the US against Russian oil producers… (that) 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”, Bellas was quoted as saying.
Petron, meanwhile, said it slashed the prices of liquefied petroleum gas (LPG) by P0.50/kg, effective Nov. 1, to reflect the international contract price of LPG for the month of November. | CGC
