Oil Price Hike Expected on Tuesday (January 7, 2025)
FUEL PRICE ADJUSTMENT – Various fuel firms in the country are set to implement an oil price hike this week.
Filipino motorists will face higher fuel prices this week as several oil companies announced increases in their pump prices.
Starting Tuesday (January 7, 2025), oil firms including Shell Pilipinas, Seaoil, PetroGazz, and Cleanfuel will raise their prices for gasoline, diesel, and kerosene.
The increase for gasoline and kerosene will be P1.00 per liter, while the price of diesel will rise by P1.40 per liter. However, Cleanfuel’s price adjustment will take effect a bit later, starting at 4:01 p.m. on Tuesday while the other companies will implement the hikes at 6 a.m.
These changes are happening just after last week’s small price cuts, where diesel and gasoline prices dropped by P0.30 per liter, and kerosene decreased by P0.90 per liter. Despite this temporary relief, petroleum prices have been steadily increasing over recent months.
The price increases come amid continued global pressures, which have affected the oil market. For one, production cuts imposed by major oil producers will continue until at least April 2025.
On top of that, the ongoing cold weather in Europe and the US is pushing up the demand for heating fuel, further influencing price increases.
Additionally, geopolitical tensions and trade risks continue to contribute to unpredictable fluctuations in the price of oil worldwide.
Previously, the Department of Energy (DOE) warned that these price hikes were expected, reflecting the complex nature of the oil market. Although motorists may feel frustrated by the rising costs, these price adjustments are part of the ongoing global oil industry trends that continue to impact fuel prices in the Philippines and worldwide.
In a previous post, an oil price hike expected next week
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