MANILA, Philippines — Massive pump price increases are set on Tuesday as global prices skyrocket on the European Union’s impending ban on Russian oil.
In its forecast, Unioil Philippines said diesel would increase by P3.90 to P4 per liter and gasoline by P4 to P4.20 per liter.
The price hike snaps the two successive weeks of price reductions.
This would further push up prices, which have already surged by P17.80 per liter for gasoline, P30.30 per liter for diesel and P23.90 per liter for kerosene since the start of the year.
Global prices started to surge last Wednesday after the European Union proposed to phase out imports of Russian oil by end of the year, Reuters reported.
It said Europe imports some 3.5 million barrels of Russian oil and oil products daily.
Apart from the phase out of import, the world’s largest trading bloc also proposed other sanctions including a ban on all shipping and insurance services for transporting Russian oil, the wire service said.