Proposed EU sanction vs. Russia to raise local oil prices - Auto News

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Expect more fuel price hikes with this new EU move...

Manufacturer Press, PH Fuel WatchOil prices modestly went down this week – Php 1.15 per liter for diesel and Php 0.65 per liter for gasoline – but next week might be a totally different story., next week might see another round of oil price increase estimated at around PHP 3.43 per liter of diesel, and PHP 3.38 per liter of gasoline. The reason? It's because of the proposed ban on Russian oil in Europe.

Though still a proposal, there was a profound impact on oil prices today. Various news agencies report a 5.3% increase in the price of West Texas Intermediate, while Brent crude went up by 4.9%. Australia, the United States of America, and the United Kingdom have already implemented an oil embargo to cut Russia's revenue stream and its ability to finance its war versus Ukraine.

 

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