Gas prices to soar by as much as P3, diesel P5 next week amid Ukraine conflict

ABS-CBN News

Posted at Mar 05 2022 01:08 PM

 A motorcycle rider stops for a refill at a gasoline station in Manila on February 26, 2022. Gasoline prices which already increased for 8 straight weeks recently are expected to rise further amid the escalating conflict between Ukraine and Russia. George Calvelo, ABS-CBN News
A motorcycle rider stops for a refill at a gasoline station in Manila on February 26, 2022. Gasoline prices which already increased for 8 straight weeks recently are expected to rise further amid the escalating conflict between Ukraine and Russia. George Calvelo, ABS-CBN News

MANILA—Pump prices are estimated to soar by as much as P3 to P5 per liter next week, based on industry estimates, an effect of the conflict in Ukraine.

This developed as the country saw a 10th straight price hike in oil products, amplified further by Russia's invasion of Ukraine. 

Diesel prices are expected to go up by as much as P5.30 to P5.50 per liter, while gas could rise by P3.60 to P3.80 per liter.

Meanwhile, kerosene could see a P4.00 to P4.10 increase per liter.

Prior to the recent hike, petroleum prices cumulatively increased by as much as P10 to P11. 

Toward the end of February, oil ticked a brief surge of more than $100 a barrel, just as Russia announced a "military operation" on Ukraine. A few days later, WTI crude broke above $110 a barrel. 

Russia, the world's third largest oil producer, has been facing economic sanctions due to what is described by reports as the biggest assault on a European state since the Second World War. 

Local industry players feared that the increase in gas prices may cause a price spike in basic commodities, with their reliance on petroleum in ferrying and producing goods. 

But the Department of Trade and Industry said they do not see prices increasing as of now. — With reports by Alvin Elchico and Reuters 

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