Motorists must brace themselves for another hefty diesel price hike of as much as P2.70 a liter next week.
In an advisory Friday, Jetti Petroleum Leo Bellas said diesel prices may jump by P2.50 to P2.70 a liter starting Nov. 4.
If this will be implemented, next week marks the second straight week of diesel price hikes.
Gasoline prices, meanwhile, may also climb by P1.50 to P1.70 per liter.
‘Oil prices continued their rally this week as the sanctions on Russian oil producers Rosneft and Lukoil, which together account for more than 5 percent of global oil output, have introduced significant compliance risks and uncertainty into the market,’ Bellas said.
‘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,’ he added.