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Holiday headache: Fuel prices jump this week

Business

Holiday headache: Fuel prices jump this week

By Gabriell Christel Galang

Heavy Christmas traffic isn't the only thing consumers need to worry about this week, as fuel prices are set to increase.

Starting Tuesday, Dec. 17, gasoline and diesel prices will rise by P0.80 per liter, while kerosene will see a P0.10 increase per liter.

Shell, Seaoil, and CleanFuel are among the oil companies that have announced the price adjustments.

Last week, gasoline prices ranged from P56 to P66.33 per liter, diesel was between P53.50 and P54.30, and kerosene was at P71.02.

The anticipated increase in global primary energy demand, coupled with ongoing geopolitical friction, has pushed prices higher in the third week of December.

According to the Department of Energy's (DOE) Oil Industry Management Bureau (OIMB), there are concerns about potential supply shortages as OPEC+ nations are reportedly delaying output increases.

Furthermore, the United Arab Emirates (UAE) plans to reduce crude oil shipments to parts of Asia by the start of 2025 due to anticipated lower demand.

Related Tags

Oil price hike

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