MANILA – Fuel prices are seen to increase by PHP1.40 per liter next week, as investors' concerns continue to be affected by geopolitical issues.
Citing price developments in Asian markets as of Thursday, Leo Bellas, Jetti Petroleum president, in a report Friday, said gasoline prices are projected to rise between PHP0.60 to PHP0.80 per liter and diesel between PHP1.20 to PHP1.40 per liter.
“Oil prices are higher this week due to concerns that the fresh US sanctions on Russian companies, following sanctions imposed by Britain last week, could lead to tighter physical flows of Russian oil. This could force buyers of Russian oil to reroute volumes to other sources, causing major disruptions in supply flows,” he said.
The forecast jump in gasoline prices next week is the third week in a row, if it materializes.
Last week, oil firms hiked their gasoline prices by PHP0.10 per liter, but prices of diesel products were rolled back by PHP0.70 per liter. (PNA)