MANILA, Philippines — Fuel prices may continue to rise next week, marking the fourth consecutive weekly increase for gasoline and the third for diesel.
In a statement Friday, Jetti Petroleum president Leo Bellas said diesel prices might rise by P1.30 to P1.50 per liter. Gasoline prices are also seen to jump by P1 to P1.20 a liter.
READ: Fuel price hikes of about P1/liter cued for Sept. 2
Data from the Department of Energy (DOE) likewise showed upward trajectories in pump prices. Gasoline might increase by more or less P1; diesel by about P1.40; and kerosene by about 80 centavos per liter.
Both Bellas and DOE said the new wave of oil price hikes followed the United States’ new sanctions against Iran’s oil revenue stream.
READ: Iran’s supreme leader asks Putin to do more after US strikes
Bellas also noted that Russian oil flows “dropped significantly” after Ukrainian attacks on its processing facilities. /rwd
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