Domestic fuel prices are set to rise by up to P2.70 per liter today, driven by potential global supply tightening following sanctions on Russian oil firms.
In separate advisories, Jetti, Seaoil, Petron and Caltex announced price increases of P1.70 per liter for gasoline, P2.70 for diesel and P2.10 for kerosene.
The adjustments bring the year-to-date net increases to P18 per liter for gasoline, P21.85 for diesel and P8.65 for kerosene.
Rodela Romero, assistant director of the Department of Energy’s oil industry management bureau, said the sanctions imposed by the United States, the United Kingdom and the European Union on Russia triggered the price movements.
The measures mainly target Russian oil giants Rosneft and Lukoil, as the country’s invasion of Ukraine nears its fourth year.
‘The sanctions on Russian oil producers Rosneft and Lukoil, which together account for more than five percent of global oil output, have introduced significant compliance risks and uncertainty into the market,’ Jetti president Leo Bellas said.
Bellas added that the move has fueled concerns over global supply constraints, further driving diesel and gasoline prices higher.
Last week, gasoline, diesel and kerosene prices increased by P1.20, P2 and P1.70 per liter, respectively.