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Brace for higher fuel prices on Tuesday

Business

Brace for higher fuel prices on Tuesday

By Gabriell Christel Galang

The holidays are over, and consumers face higher prices at the gas pumps this week.

Starting Tuesday, Jan. 7, gasoline prices will increase by up to P1.00 per liter, while diesel will climb by up to P1.40. Kerosene will also see a price increase of up to P1.00.

Shell Pilipinas, PetroGazz, Seaoil, and Clean Fuel announced their price adjustments on Monday, Jan. 6.

Last week, the average price of gasoline ranged from P57.00 to P69.78 per liter, while diesel cost between P55.05 and P57.00.

In 2024, gasoline prices have seen a net increase of P12.75 per liter, and diesel had risen by P11.00. Kerosene, however, experienced a net decrease of P2.70 per liter.

The Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) attributed these price fluctuations to ongoing geopolitical uncertainty and trade tensions. Increased demand for heating fuels due to cold weather in the United States and Europe may also contribute to this week's price increases.

Additionally, OPEC+ has extended its production cuts of 2.2 million barrels per day (MMBD) until April.

Jetti Petroleum also notes that potential economic recovery in China and its reduced exports to the region may be impacting supply in other countries, including the Philippines.

Related Tags

Oil price hike

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