Fuel prices are expected to go up this week, mainly for diesel, according to industry and government officials.
Jetti Petroleum Inc. said diesel prices may increase by about P0.40 to P0.60 per liter starting Tuesday. Gasoline prices may stay the same or rise slightly by up to P0.10 per liter, based on fuel trading last week.
Jetti president Leo Bellas said the possible increases are linked to tighter U.S. sanctions on Venezuela and continued attacks by Ukraine on Russian oil facilities, which could disrupt global oil supply. He added that prices are also being supported by the risk of more sanctions on Russia if peace talks with Ukraine fail.
The Department of Energy (DOE) said kerosene prices could also rise by as much as P0.10 per liter, based on its own price monitoring.
The expected hikes come after fuel companies cut prices last week, lowering gasoline by P0.80 per liter, diesel by P1.30, and kerosene by P1.60.
So far this year, fuel prices have gone up by a net P20.50 per liter for gasoline, P20.45 for diesel, and P5.15 for kerosene.
As of December 16 to 22, fuel prices in Metro Manila average P55.70 per liter for gasoline, P53.30 for diesel, and P79.47 for kerosene.
