Petrol prices up to P1.40 per liter starting Jan. 7
Paulo Gaborni January 6, 2025 at 07:50 PM
MANILA, Philippines- Motorists will face petrol price hikes this week, with increases of up to P1.40 per liter.
According to separate advisories, leading oil companies Shell Pilipinas, Seaoil, PetroGazz, and Cleanfuel announced on Monday that diesel, gasoline, and kerosene prices will increase starting Tuesday, January 7.
Diesel prices will rise by P1.40 per liter, while gasoline and kerosene will both see an increase of P1 per liter. This follows last week’s price cuts, but the new hikes reflect persistent global pressures on the oil market.
Rodela Romero, Assistant Director of the Department of Energy’s (DOE) Oil Industry Management Bureau, explained that the price adjustments are due to a combination of factors.
Production cuts by oil-producing countries are set to continue until April, reducing supply. Additionally, the forecasted severe cold weather in the US and Europe is expected to drive up demand for heating fuels, putting further strain on global oil supplies.
Romero also pointed out that ongoing geopolitical tensions and trade disputes could lead to continued volatility in oil prices, potentially causing short-term fluctuations.
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