Motorists can expect higher fuel prices this week as several fuel retailers announced a price hike on Monday to begin 2025, after the price rollback from the previous week.
In separate advisories, Seaoil Philippines Corp. and Shell Pilipinas Corp. confirmed that they will raise the prices of gasoline and kerosene by P1.00 per liter each, and diesel by P1.40.
Cleanfuel and Petro Gazz will implement the same price adjustments, excluding kerosene, which they do not offer.
The new prices will take effect at 6 a.m. on Tuesday, January 7, for all companies, except Cleanfuel, which will adjust prices at 4:01 p.m. on the same day.
Other fuel companies have not yet made similar announcements for this week.
These changes align with earlier forecasts from the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), which attributed the price increases to extended production cuts until April 2025, higher demand in the US and Europe due to cold weather, and geopolitical risks and trade tensions.
Last week, oil companies had rolled back the prices of diesel and gasoline by P0.30 per liter, and kerosene by P0.90.
In 2024, fuel price changes resulted in a net increase of P12.75 per liter for gasoline, P11.00 for diesel, and a net decrease of P2.70 per liter for kerosene.
