• CHERYL G. CRUZ
Up to P5 per liter increase in the pump prices of petroleum products is expected this week, following renewed military operations in the Middle East.
Oil companies announced over the weekend that prices of diesel could increase by P4 to P5/L, gasoline by P5.10 to P5.90/L, and kerosene by P4.20 to P5/L. Exact adjustments will be known today, Sept. 14, with the price movements regularly implemented every Tuesday.
This is the second week of upward adjustments, following the P5.18, P4.69, and P5.58 per liter increases in the prices of diesel, gasoline, and kerosene, respectively, that took effect Sept. 8.
“Diesel prices remain on the uptrend because of lower global supply and increasing demand,” Jetti Petroleum president Leo Bellas was quoted as saying in a recent Philippine News Agency report. “Reduced exports from the Middle East and Russia due to the impacts of the wars in Iran and Ukraine and lower US exports compounded the supply concerns.” | CGC
