BIG-TIME OIL PRICE HIKE FOR THIRD STRAIGHT WEEK BY OVER P2.70/LITER

Oil companies will raise gasoline prices by P1.65 per liter while diesel and kerosene will go up by P2.70 and per liter P2.50, respectively (Photo courtesy of ABS-CBN News)

Motorists should brace for a hefty fuel price hike of around P2 to P3 per liter starting Tuesday, January 21. This is the third consecutive week of oil price increases. 

In separate advisories, oil firms announced the following price adjustments effective January 21, 2025 (Tuesday):

Shell Pilipinas, Caltex (effective 6 a.m.)

Gasoline – P1.65 increase

Diesel – P2.70 increase

Kerosene – P2.50 increase

Cleanfuel (effective 4:01 p.m.)

Gasoline – P1.65 increase

Diesel – P2.70 increase

Other firms have yet to make similar announcements for the week.

Assistant Director Rodela Romero of Department of Energy Oil Industry Management Bureau (DOE-OIMB) earlier projected major hikes saying tougher US and UK sanctions on Russian oil companies Surgutneftegas and Gazprom Neft are jacking up shipping costs.

These are affecting mostly Asian countries including India and China, which could lead to a “reduction of Russian exports.”

“Thereby, it could push global crude prices higher in the near term, as the market adjusts to the loss of supply from one of the world’s largest oil producers. Likewise, there would be potential increases in shipping cost,” Romero said.

Last week, fuel retailers made upward adjustments per liter of gasoline and kerosene by P0.80 each, and diesel by P0.90.

This brought year-to-date adjustments to a net increase of P1.80 per liter for both gasoline and kerosene, and P2.30 per liter for diesel as of January 14, 2025.

Source: Philippine Star 

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