World oil prices jump on tensions, no impact yet on local fuel costs

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World oil prices shot up while the dollar and yen advanced Monday after Hamas launched a shock attack on Israel at the weekend, sparking fresh concerns about tensions in the Middle East.

The surprise attack and Israel’s declaration of war in response to it have left more than 1,000 dead and raised concerns that a potential broadening of the conflict could draw in the United States and Iran. Phoenix Petroleum, Seaoil Philippines, PTT Philippines, Cleanfuel, Jetti Petroleum, and PetroGazz issued separate announcements of the rollback.

“Natural gas plants supplying to Meralco were compelled to use more expensive alternative fuel during the last supply month,” said Meralco’s head of utility economics, Lawrence Fernandez.

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MlaStandard /  🏆 20. in PH

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