Oil Price Hike Expected on Christmas Eve (December 24, 2024)
Fuel companies in the Philippines are set to impose an oil price hike before Christmas Eve (December 24, 2024).
Starting at 6 a.m. on Tuesday, Shell Pilipinas will increase the price of gasoline by P0.50 per liter, diesel by P1.45 per liter, and kerosene by P0.75 per liter.
Cleanfuel and Petro Gazz will also raise their prices by similar amounts, except for kerosene, which they do not sell. Cleanfuel will implement its price hike a bit later, at 4:01 p.m. that same day.
It marks the fifth consecutive week that gasoline prices have increased and the second week for both diesel and kerosene.
According to the Department of Energy’s Oil Industry Management Bureau (DOE-OIMB), the recent price hikes are a result of multiple factors, including a stronger U.S. dollar, the ongoing conflicts in the Middle East, and the decision by oil-producing countries to reduce production.
These combined factors have contributed to higher global oil prices, which have impacted fuel costs in the Philippines.
Last week, oil companies already raised prices by P0.80 for both gasoline and diesel and P0.10 for kerosene.
As of December 17, 2024, the latest year-to-date adjustments now stand at a net increase of P12.55 per liter for gasoline and P8.95 per liter for diesel, while kerosene saw a small drop of P2.55 per liter.
As the cost of oil spikes, families and drivers will need to adjust, considering how these changes will affect transportation expenses. As the government and oil companies look to manage these increases, keeping consumers informed will be important to minimize any financial strain.
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