MANILA – Diesel prices are projected to increase by more than P6 per liter in the latest wave of oil price hikes, according to industry estimates.
Rates could increase by as much as P6.40 to P6.70 per liter, kerosene by P5.15 to P5.30, and gasoline prices P2.65 to P2.80.
The oil prices factored in bans on Russian-supplied oil in most European countries, and as a result, governments are looking for other sources of oil to fill in for the ones previously supplied by Russia.
Energy Director Rino Abad previously said this price increase was initial and would be felt for the next one to two weeks.
"For the coming 1 to 2 weeks initially magkakaroon po 'yan ng pagsipa ng price kasi nga definitely meron nang ina-arrange ang mga EU member countries na alternative source at hindi makaalagwa diyan 'yung ating pinagkukunan na karamihan ay Middle East, most likely makikipag-agawan na sila du'n," Abad said. – Report from Alvin Elchico, ABS-CBN News