Motorists will experience higher fuel prices this week, as several retailers revealed a substantial price hike on Monday to begin 2025, following last week’s rollback.
In separate announcements, Seaoil Philippines Corp. and Shell Pilipinas Corp. confirmed that they will increase the prices of gasoline and kerosene by P1.00 per liter each, while diesel will go up by P1.40.
Cleanfuel and Petro Gazz will follow suit with the same price changes, excluding kerosene, which they do not sell.
The price increases will take effect at 6 a.m. on Tuesday, January 7, for all companies, except Cleanfuel, which will implement the hike at 4:01 p.m. on the same day.
Other fuel companies have yet to announce similar price adjustments for the week.
These changes align with earlier predictions from the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), which cited factors such as prolonged production cuts until April 2025, increased demand in the US and Europe due to extreme cold weather, and ongoing geopolitical risks and trade tensions.
Last week, oil firms had rolled back the prices of diesel and gasoline by P0.30 per liter each, and kerosene by P0.90.
In 2024, fuel price changes resulted in a net increase of P12.75 per liter for gasoline and P11.00 per liter for diesel, while kerosene saw a net decrease of P2.70 per liter.
