Oil industry sources predict a significant increase in fuel prices next week, attributed to new sanctions imposed on Russian crude. Gasoline prices are expected to rise by P1.35 to P1.60 per liter, diesel by P2.30 to P2.60 per liter, and kerosene by up to P2.50 per liter. The Department of Energy's Oil Industry Management Bureau (DOE-OIMB) cites global oil market adjustments following the US and UK sanctions on Russian oil, leading to reduced exports and potential shipping cost increases.
PRICES of all fuel products will increase, big-time, next week, oil industry sources said Friday.They said that the looming adjustments in the prices of oil products are due to new sanctions imposed on Russia n crude.They said gasoline prices are seen to go up by P1.35 to P1.60 per liter, while diesel prices could spike by P2.30 to P2.60 per liter.Also, kerosene prices would go up by as much as P2.30 up to P2.50 per liter.
Likewise, there would be potential increases in shipping cost due to this development as well,' DOE-OIMB director Rodela Romero said.On Jan. 10, 2025, the US Department of the Treasury's Office of Foreign Assets Control and the UK's Office of Financial Sanctions Implementation announced new sanctions against two major Russian oil companies, PJSC Surgutneftegas and Gazprom Neft.
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