Gas Stations to Impose Another Oil Price Hike on Tuesday (January 21, 2025)

Another Oil Price Hike Expected on Tuesday (January 21, 2025), Gas Stations Say

FUEL PRICE UPDATE – Several gasoline stations in the country are set to implement another oil price hike starting this week.

Fuel prices are set to rise again this week, marking the third consecutive increase in 2025. Filipino motorists should brace themselves for these new adjustments starting Tuesday, January 21, 2025, as announced by fuel companies.

The upcoming price changes include an additional P1.65 per liter for gasoline, P2.70 per liter for diesel, and P2.50 per liter for kerosene. These adjustments will take effect early in the morning for most retailers, with some implementing the changes later in the day.

This round of increases comes on the heels of sanctions imposed by the United States and the United Kingdom on major Russian oil firms. The restrictions have driven up shipping costs, affecting fuel prices across Asia, including the Philippines.

Adding to this, the country sources its finished petroleum products from China, which has also been affected by increasing transportation expenses.

Global demand for oil has surged due to the ongoing winter season, further contributing to higher prices. Based on international market trends, the cost of Dubai crude oil climbed by approximately $1.23 per barrel last week.

Meanwhile, refined product prices also saw increases, with diesel up by $0.98 per barrel, gasoline by $0.85 per barrel, and kerosene by $1.41 per barrel.

The past weeks have already brought huge adjustments. Earlier this month, diesel and kerosene each rose by P0.90 per liter, while gasoline increased by P0.80. As of mid-January, the year-to-date price hikes stood at P1.80 per liter for gasoline and kerosene, and P2.30 for diesel

With these changes, households and businesses relying on fuel will feel an even greater financial burden.

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