Motorists should brace for an increase in fuel prices next week, triggered by ongoing geopolitical tensions.
Oil industry experts project a potential per-liter price hike of P0.60 to P0.80 for gasoline, P1.20 to P1.40 for diesel and around P0.80 for kerosene.
The estimates reflect the trading results in the Mean of Platts Singapore – a pricing benchmark used for refined petroleum products – over the past four days.
Final price adjustments will be announced on Monday and will take effect the following day.
‘Oil soars on prospects of new US sanctions on Russian oil companies – Rosneft and Lukoil – over the war with Ukraine, as announced by President Trump,’ Rodela Romero, assistant director at the Department of Energy’s Oil Industry Management Bureau, said.
This followed Trump’s failed attempt to broker a peace deal with Russian President Vladimir Putin to end Russia’s three-and-a-half-year-long conflict with Ukraine.
‘Unresolved issues between Russia and Ukraine increase geopolitical risks,’ Romero said.
Jetti Petroleum president Leo Bellas said this development could result in ‘tighter physical flows of Russian oil.’