Motorists should brace as fuel prices are expected to rise in the last week of October. Diesel prices are seen increasing by as much as P1.40 a liter.as much as P1.40 a liter.
In a statement, Jetti Petroleum president Leo Bellas said changes in diesel prices are estimated to be in the range of P1.20 to P1.40.
Gasoline prices might also increase by 60 centavos to 80 centavos per liter.
The Department of Energy (DOE) is also projecting upward adjustments in pump prices. The DOE estimates price increases of about 80 centavos per liter of diesel and kerosene.
The DOE said gasoline prices might rise by 30 centavos 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,’ Bellas said.
‘This could force buyers of Russian oil to reroute volumes to other sources, causing major disruptions in supply flows,’ he added.