• CHERYL G. CRUZ
The pump prices of petroleum products are set to increase for the fifth straight week amid continuing hostilities in the Middle East.
Oil companies announced over the weekend that prices of diesel could increase by P7 to P8 per liter, gasoline by P5.90 to P7/L, and kerosene by P5 to P5.90/L.
Exact adjustments will be known today, July 27.
Last week, oil companies implemented a staggered price hike after diesel increased by P10.68/L, gasoline by P3.65/L, and kerosene by P11.77/L, based on global oil market.
“World oil prices have rebounded significantly due to concerns of further disruption to oil supply as the Strait of Hormuz remains largely closed to vessel traffic,” Jetti Petroleum president Leo Bellas was quoted in a Philippine News Agency report July 24.
He had said that “renewed military strikes and a reciprocal blockade of the Strait of Hormuz by the US and Iran have raised fresh supply concerns.” | CGC
