Oil Price Hike on Second Week of 2024
FUEL PRICE UPDATE – Various gas firms in the country announced an oil price hike on Tuesday (January 9, 2024).
As we enter the second week of January, motorists in the Philippines will see a slight increase in gasoline, diesel, and kerosene prices. After experiencing a rollback in the first week of 2024, prices at the pump are set to go up by P0.10 per liter on Tuesday.
Fuel companies, including Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp., announced an increase in prices of gasoline, diesel, and kerosene by P0.10 per liter.
The price adjustments are scheduled to take effect at 6 a.m. on Tuesday with Cleanfuel implementing the changes at 4:01 p.m. However, Cleanfuel will not be making changes to its kerosene prices.
Last week, many oil companies implemented a rollback, resulting in a rollback in gasoline prices by P0.10 per liter, diesel by P0.35 per liter, and kerosene by P1.40 per liter after a major price increase on December 26, 2023.
Industry insiders have expressed concern about potential supply chain interruptions as a result of incidents in the Red Sea. These concerns may cause a minor increase in global oil prices.
While the increase is minor, it demonstrates the interconnected nature of the world’s oil markets and how geopolitical events can affect fuel costs.
Consumers are advised to stay tuned for further updates regarding the oil price changes when planning for travel and budgeting for fuel expenses in the coming weeks.
Previously, gas companies expect oil price rollback next week
The social media users expressed their reactions to the impending fuel price hike:
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