Big-time hikes for oil products starting Jan. 21
MANILA, Philippines — For the third straight week, fuel retailers are raising the prices of their petroleum products starting Jan. 21.
In separate advisories on Monday, Jetti, Seaoil, Petro Gazz, Caltex, CleanFuel and Shell Pilipinas said the per-liter price of diesel would go up by P2.70. Kerosene will also see an increase of P2.50 per liter, while gasoline will be more costly by P1.65 a liter.
In an earlier statement, Rodela Romero, Department of Energy (DOE)-Oil Industry Management Bureau assistant director, said the upward movements in pump prices could be traced to the sanctions imposed by the United States on Russia, which might lead to “a reduction of Russian exports.”
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“Thereby, [it] could push global crude prices higher in the near term as the market adjusts to the loss of supply from one of the world’s largest oil producers.
Likewise, there would be potential increases in shipping cost,” Romero said.
Last week, fuel retailers made upward adjustments of almost P1 a liter in the prices of petroleum products.
Data from the DOE showed that as of Jan. 14, the total net increase per liter for gasoline and kerosene stood at P1.80 and P2.30 for diesel. —Lisbet K. Esmael
