Diesel, gasoline seen to skyrocket by up to P3-P4 per liter

Motorists should brace for a big-time hike in domestic pump prices of petroleum products next week as global crude oil prices skyrocketed past $100 per barrel amid the intensifying Russia-Ukraine war.

Citing monitoring of oil trading in the last four days and based on the Mean of Platts Singapore, an oil industry source told GMA News Online that the price per liter of diesel may go up by P4.20 to P4.50.

Gasoline prices, meanwhile, may increase by P3.00 to P3.30 per liter.

The local oil industry uses Mean of Platts Singapore (MOPS), the daily average of all trading transactions between buyers and sellers of petroleum products as assessed and summarized by Standard and Poor’s Platts.

The estimated price adjustment was still subject to change depending on Friday’s trading results.

Global benchmark Brent crude soared to over $119 per barrel as Russia's invasion of Ukraine sent jitters across oil markets.

Fuel firms usually announce price changes every Monday and implement the adjustments on Tuesday.

Oil companies implemented price hikes last Tuesday, March 1, marking the ninth straight week of increases since the beginning of the year.

Gasoline prices have been increasing by P0.90 per liter and diesel by P0.80 per liter, bringing total year-to-date adjustments at a net increase of P9.6 per liter for gasoline and P11.65 per liter for diesel. — DVM, GMA News