Fuel Firms Eye Oil Price Hike on Tuesday (January 7, 2025)
FUEL PRICE UPDATE – The Department of Energy is expecting an oil price hike starting next week after the rollback last week.
Filipino motorists should prepare for higher fuel prices next week, as adjustments for gasoline, diesel, and kerosene are expected due to global market trends. The announcement came after the price reduction last week.
The Department of Energy estimates that gasoline prices could go up by P0.40 to P0.70 per liter, diesel by P0.75 to P1.00 per liter, and kerosene by P0.70 to P0.80 per liter. These increases follow international market shifts observed in the past week.
The price hike is attributed to OPEC’s decision to extend production cuts of 2.2 million barrels per day until April 2025, reducing global supply. Meanwhile, colder weather in the US and Europe has driven up the demand for heating fuel, adding more pressure on supply. Geopolitical tensions are also affecting oil prices.
Last Tuesday (December 31, 2024), gasoline and diesel prices were reduced by P0.30 per liter and kerosene by P0.90 per liter. However, year-to-date adjustments for 2024 still show a net increase of P12.75 per liter for gasoline and P11.00 per liter for diesel, while kerosene recorded a net decrease of P2.70 per liter.
In Metro Manila, current fuel prices range from P51.75 to P74.92 per liter for gasoline, P49 to P67.24 for diesel, and P70.29 to P81.69 for kerosene.
Fuel companies will announce the final price adjustments on Monday, which will take effect the following day.
The social media users expressed their reactions to the looming oil price hike:
This is a developing report, just visit this website regularly or refresh the page for further updates.
RELATED ARTICLE: Fuel Companies to Impose Oil Price Hike on Christmas Eve (December 24, 2024)