DOE Announces Oil Price Update for Second Week of January

Oil Price Update for Second Week of January 2025, Announced by DOE

FUEL PRICE ADJUSTMENTS – The Department of Energy announced an oil price update for the second week of January 2025.

DOE shared news of another expected increase in fuel prices. Starting January 14, 2025, gasoline, diesel, and kerosene prices are all set for a boost, reflecting trends in global oil markets.

As we move into the second week of January 2025, the Department of Energy (DOE) has shared news of another expected increase in fuel prices. Starting January 14, 2025, gasoline, diesel, and kerosene prices are all set for a boost, reflecting trends in global oil markets.

Here is the list of expected price changes:

Gasoline: P0.40 to P0.70 per liter
Diesel: P0.45 to P0.75 per liter
Kerosene: P0.65 to P0.75 per liter

Several reasons are behind this adjustment, and experts believe these price hikes will be felt by consumers across the country.

First, production levels from key oil-producing countries have been lower than usual. Both OPEC and Russia saw production drops in December, which is tightening supply. This has resulted in higher prices on the global market.

Second, global fuel demand is expected to grow, particularly in Asia. This is driven by a stimulus package introduced by China to support its economy, which will likely raise its oil consumption. Both the United States and Europe are currently experiencing cold weather, which has also caused an increase in heating needs and fuel demand.

Along with these supply and demand shifts, recent reports show that the US job market is performing well, with low layoff rates and growing job openings. This suggests a strong economy, pushing up demand for energy.

Last week, the prices of gasoline and kerosene rise by P1.00 and diesel by P1.40 per liter. Consumers are advised to stay updated as oil prices are predicted to keep climbing in the coming weeks.

Here are some of the comments: