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P1.65/L increase for gasoline, P2.70/L for diesel starting Tuesday

Business

P1.65/L increase for gasoline, P2.70/L for diesel starting Tuesday

By Gabriell Christel Galang

Motorists will likely face tighter budgets this week as oil prices are set for another increase.

Effective Tuesday, Jan. 20, gasoline prices will increase by P1.65 per liter, diesel by P2.70 per liter, and kerosene by P2.50 per liter.

Major fuel companies, including Shell Pilipinas, CleanFuel, and Caltex, have already announced their price adjustments.

Last week, gasoline prices ranged from P61.90 to P69.20 per liter, diesel from P57.75 to P70.29 per liter, and kerosene was around P72.84 per liter.

The recent price spike is attributed to several factors. According to the Department of Energy's (DOE) Oil Industry Management Bureau (OIMB), sanctions imposed by the United States and the United Kingdom on Russia have led to a decline in oil output.

Additionally, OIMB cited a potential increase in shipping costs as another factor contributing to higher fuel prices. Russia supplies a significant portion of China's and India's crude oil imports (20 percent and 40 percent, respectively), so sanctions could substantially impact these countries' production.

While the recent Israel-Hamas ceasefire eased some geopolitical tensions that have influenced oil prices over the past year, Capital Economics reports that this has not prevented prices from climbing.

Despite the price hikes, analysts remain optimistic. The Organization of the Petroleum Exporting Countries (OPEC+) may adjust its current plan by allowing voluntary production cuts that were previously delayed until April.

Related Tags

Oil price hike

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