The local oil industry uses Mean of Platts Singapore , the daily average of all trading transactions between buyers and sellers of petroleum products as assessed and summarized by Standard and Poor’s Platts.
On the other hand, Unioil Petroleum Philippines’ price forecast for March 8 to 14 trading week showed that diesel may climb by P4 per liter and gasoline may rise by P3 per liter. Global benchmark Brent crude price soared to over $119 per barrel as Russia's invasion of Ukraine sent jitters across oil markets.Oil companies implemented price hikes last Tuesday, March 1, marking the ninth straight week of increases since the beginning of the year.
Gasoline prices increased 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.