Motorists will see an increase in petroleum product prices this week as retailers announced a significant price hike on Monday to kick off 2025, following a rollback the previous week.
In separate announcements, Seaoil Philippines Corp. and Shell Pilipinas Corp. stated they will raise the prices per liter of gasoline and kerosene by P1.00 each, and diesel by P1.40.
Cleanfuel and Petro Gazz will implement the same price changes, excluding kerosene, which they do not offer.
The price adjustments will take effect at 6 a.m. on Tuesday, January 7, for all companies, except Cleanfuel, which will raise prices at 4:01 p.m. on the same day.
Other companies have not yet announced similar changes for the week.
These latest adjustments are in line with earlier projections made by the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), which pointed to extended production cuts until April 2025, increased demand in the US and Europe due to extreme cold weather, and geopolitical risks and trade tensions.
Last week, firms rolled back the prices of diesel and gasoline by P0.30 each, and kerosene by P0.90.
In 2024, price adjustments resulted in a net increase of P12.75 per liter for gasoline and P11.00 for diesel, while kerosene saw a net decrease of P2.70 per liter.
