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Gas prices to soar by as much as P3, diesel P5 next week amid Ukraine conflict

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt=" A motorcycle rider stops for a refill at a gasoline station in Manila on February 26, 2022. Gasoline prices which already increased for 8 straight weeks recently are expected to rise further amid the escalating conflict between Ukraine and Russia. George Calvelo, ABS-CBN News" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/news/03/05/20220226-gast-station-oil-price-gc-7897.jpg"/><figcaption>A motorcycle rider stops for a refill at a gasoline station in Manila on February 26, 2022. Gasoline prices which already increased for 8 straight weeks recently are expected to rise further amid the escalating conflict between Ukraine and Russia. George Calvelo, ABS-CBN News</figcaption></figure></div><p>MANILA—Pump prices are estimated to soar by as much as P3 to P5 per liter next week, based on industry estimates, an effect of the conflict in Ukraine.</p><p>This developed as the country saw a 10th straight price hike in oil products, amplified further by Russia&#x27;s invasion of Ukraine. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/03/04/22/malakihang-oil-price-hike-nakaamba-sa-susunod-na-linggo">Malakihang oil price hike nakaamba sa susunod na linggo</a></li></ul><p>Diesel prices are expected to go up by as much as P5.30 to P5.50 per liter, while gas could rise by P3.60 to P3.80 per liter.</p><p>Meanwhile, kerosene could see a P4.00 to P4.10 increase per liter.</p><p>Prior to the recent hike, petroleum prices cumulatively increased by as much as P10 to P11. </p><p>Toward the end of February, oil ticked a brief surge of more than $100 a barrel, just as Russia announced a &quot;military operation&quot; on Ukraine. A few days later, WTI crude broke above $110 a barrel. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/03/02/22/wti-crude-oil-tops-110-on-ukraine-russia-conflict">WTI crude oil tops $110 on Ukraine-Russia conflict</a></li></ul><p>Russia, the world&#x27;s third largest oil producer, has been facing economic sanctions due to what is described by reports as the biggest assault on a European state since the Second World War. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/03/03/22/world-bank-halts-all-programs-in-russia-belarus">World Bank halts all programs in Russia, Belarus with immediate effect</a></li></ul><p>Local industry players feared that the increase in gas prices may cause a price spike in basic commodities, with their reliance on petroleum in ferrying and producing goods. </p><p>But the Department of Trade and Industry said they do not see prices increasing as of now. — With reports by Alvin Elchico and Reuters </p><div><strong> Related video</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1946544" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

Pump prices are estimated to soar by as much as P3 to P5 per liter next week, based on industry estimates, an effect of the conflict in Ukraine.