Fuel costs set to rise again next week — here’s how much

National

BRACE for pricier trips ahead.

Fuel prices are set to climb again next week, driven by mounting global tensions and fears of fresh sanctions on Russian oil exports.

Industry projections show expected increases of P0.60 to P0.80 per liter for gasoline, P1.20 to P1.40 for diesel, and around P0.80 for kerosene, based on trading results over the past four days in the Mean of Platts Singapore, a key benchmark for refined petroleum products in the region.

Oil companies are expected to announce the final price adjustments on Monday, which will take effect the following day.

According to Rodela Romero, assistant director at the Department of Energy’s Oil Industry Management Bureau, global oil prices have surged as the United States considers new penalties on Russian energy companies.

“Oil soars on prospects of new US sanctions on Russian oil companies – Rosneft and Lukoil – over the war with Ukraine, as announced by President Trump,” Romero said in a Philstar report.

Romero explained that the price surge followed the failure of President Trump’s recent attempt to broker a peace deal with Russian President Vladimir Putin to end the three-and-a-half-year conflict in Ukraine. She added that unresolved tensions between the two nations continue to heighten geopolitical risks.

Jetti Petroleum president Leo Bellas noted that the situation could lead to tighter global supply, as possible sanctions may restrict the flow of Russian oil to international markets.

Bellas said this development could result in “tighter physical flows of Russian oil.”

Analysts said that with the ongoing conflict and potential trade disruptions, fuel price volatility is likely to persist in the coming weeks.(MyTVCebu)