January 7, 2025 | 12:00am
MANILA, Philippines — Motorists should brace for a fuel price increase of at least P1 today, marking the first hike this year.
In separate advisories, Shell, Caltex and Seaoil announced upward adjustments of P1 per liter for gasoline and kerosene and P1.40 per liter for diesel.
PetroGazz, Cleanfuel, PTT Philippines and Jetti would implement the same price movements, except for kerosene, which they do not offer.
The Department of Energy attributed the price hike to several factors, including OPEC+’s extended production cuts until April and projected rising demand for heating fuels in the US and Europe due to potential severe cold blasts.
The ongoing geopolitical risks and trade tensions abroad, which could cause volatility in oil prices in the short term, were said to have also exerted upward pressure on domestic pump prices.
According to Jetti president Leo Bellas, there was also a declining regional supply of diesel and gasoline due to lower outflows from China, a major supplier of these petroleum products.
Last week, oil companies implemented a rollback of P0.30 per liter for gasoline and diesel and P0.90 per liter for kerosene.
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