Fuel Price Hike Expected on Tuesday (January 14, 2025), Oil Companies Say
OIL PRICE UPDATE – Various oil companies in the country are expected to implement a fuel price hike this week.
Starting Tuesday, January 14, 2025, several major oil firms, including Shell Pilipinas, Seaoil, Cleanfuel, and Petro Gazz, will be implementing price increases on gasoline, diesel, and kerosene marking the second consecutive week of price hikes.
For Shell and Seaoil, the increase will take effect at 6 a.m. and include a P0.80 per liter rise for both gasoline and kerosene, while diesel will go up by P0.90 per liter. Cleanfuel and Petro Gazz will follow the same price adjustments for gasoline and diesel, although Cleanfuel will apply the changes later in the day at 4:01 p.m., and they do not offer kerosene.
The price adjustments come after similar hikes last week when gasoline and kerosene prices were raised by P1.00 per liter, and diesel saw a higher increase of P1.40 per liter. For 2024, consumers have seen a total increase of P12.75 per liter for gasoline and P11.00 for diesel.
However, kerosene prices experienced a slight decrease of P2.70 per liter since the start of the year.
The Department of Energy (DOE) blames the increasing fuel prices to a combination of factors. Global oil production has decreased, while demand is growing, particularly due to an economic stimulus package from China.
Additionally, colder weather in the U.S. and Europe is expected to boost fuel demand in these areas.
Filipino motorists should prepare for another week of higher fuel prices as these changes take effect, reflecting the ongoing shifts in the global oil market.
This is a developing report, just visit this website regularly or refresh the page for further updates.
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