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Motorists face gasoline hike as diesel prices hold

Business | The Economy

Motorists face gasoline hike as diesel prices hold

By Gabriell Christel Galang

As motorists brace for holiday traffic congestion, they will also face another round of hefty price hikes at the gas pumps.

Effective Tuesday, Dec. 9, gasoline prices will rise by ₱1.20 per liter. Diesel and kerosene will see no price changes this week.

The planned adjustments will be implemented by oil companies, including Seaoil, Shell Pilipinas, PetroGazz, and Caltex, starting at 6 a.m. CleanFuel will roll out its changes shortly after, at 8:01 a.m.

Several factors contributed to this week’s gasoline price adjustment, primarily geopolitical risks and a tighter market mixed with higher regional demand.

Analysts from Jetti and the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) noted that global supply was potentially disrupted due to Ukraine’s strikes on Russian oil infrastructure and escalating tensions between the United States and Venezuela.

The increase in gasoline prices may also be attributed to low gasoline exports from regional refiners and a tighter Asian gasoline market.

Despite the gasoline hike, the middle distillate market (diesel and kerosene) has eased. Analysts assume that a potential peace deal between Russia and Ukraine could inject optimism into fuel prices.

A Reuters report last week also highlighted that bearish supply signals from the Organization of the Petroleum Exporting Countries and its allies OPEC+ could have helped cap rising prices.

OPEC+ recently approved a new mechanism to assess maximum production capacity. This change will be used to set output baselines starting in 2027 and is intended to spur investment and alleviate worries about future supply shortages.

Last week, diesel and kerosene had ₱2.90 and ₱3.20 per liter rollbacks, respectively. Meanwhile, gasoline had a ₱0.20 per liter increase.

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