Pump prices to soar by as much as P2.60/L next week

Metro Manila, Philippines - Pump prices will likely rise for a third straight week starting Tuesday next with estimates of a hike as hefty as P2.60 per liter, the Department of Energy (DOE) said on Friday, Jan. 17.

The agency forecasts an increase within the range of P1.35 to P1.60 per liter for gasoline prices. Diesel and kerosene costs, meanwhile, might go up by P2.60 and P2.50 per liter, respectively.

The latest round offers no reprieve for motorists who saw oil companies opening the year with higher oil.

The DOE attributed the looming price adjustments to a spate of fresh sanctions on Russian oil slapped by the United States and United Kingdom.

“This will result (in) a reduction of Russian exports thereby 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,” the agency said in a statement.

NewsWatch Plus correspondent Lance Mejico contributed to this report.