Motorists are facing another round of price increases at gas stations. Starting Tuesday, Jan. 13, gasoline and kerosene prices will climb by up to P0.80 per liter, while diesel will increase by up to P0.90 per liter.
Shell Pilipinas, CleanFuel, SeaOil, and PetroGazz are among the companies that have already announced the price adjustments.
Last week, gasoline prices ranged from P58 to P68.33 per liter, while diesel costs between P56.85 and P69.39 per liter. Kerosene was priced at around P71.95 per liter.
Several factors are contributing to the rising prices. According to the Department of Energy’s Oil Industry Management Bureau, the production decline from OPEC and Russia in December is partly responsible. Increased demand for heating fuels in the United States during the winter season and a growing economy are also playing a role.
Additionally, rising fuel demand in Asia, particularly due to China's economic stimulus, is putting upward pressure on prices. However, this increased demand is not being met with increased supply, as diesel and gasoline outputs remain scarce.
On Sunday, traders and analysts indicated that Chinese and Indian refiners would be sourcing additional oil from the United States, the Middle East, and Africa due to new US sanctions on Russian producers. This shift in sourcing could lead to further price increases for consumers.