Geline Salac

A gas attendant fills up a vehicle with fuel in Manila, May 9, 2017. Jonathan Cellona, ABS-CBN News

Article (news)

Oil price hike to mark April’s end

David Dizon

ABS-CBN News

<p>Oil prices are set to go up before the end of April amid supply uncertainty brought on by US sanctions against Iran’s oil shipping network, the Department of Energy  said Friday.</p><p>Assistant Director III Rodela Romero of the Oil Industry Management Bureau said the following price adjustments may be implemented on April 29:</p><div><strong>Increase<br/></strong></div><div><strong>Gasoline -  P0.80-1.40/liter</strong></div><div><strong>Diesel - P0.40-1.00/liter</strong></div><div><strong>Kerosene - P0.50-0.70/liter</strong></div><div><br/></div><p>On Tuesday, the US Treasury imposed sanctions on Iranian liquefied petroleum gas magnate Seyed Asadoollah Emamjomeh and his corporate network, which is collectively responsible for shipping hundreds of millions of dollars’ worth of Iranian LPG and crude oil to foreign markets.</p><p>“Emamjomeh and his network sought to export thousands of shipments of LPG—including from the United States—to evade U.S. sanctions and generate revenue for Iran,” said US Secretary of the Treasury Scott Bessent.</p><p>Another factor affecting local oil prices is the lower oil inventory in the US, indicating higher demand.</p>

<p>Oil prices are set to go up before the end of April amid supply uncertainty brought on by US sanctions against Iran’s oil shipping network, the Department of Energy said Friday.</p>

Oil prices are set to go up before the end of April amid supply uncertainty brought on by US sanctions against Iran’s oil shipping network, the Department of Energy said Friday.