Motorists will face higher fuel costs this week as oil companies announced significant price increases to kick off 2025.
For the period January 7 to 13, 2025, major oil firms like Seaoil Philippines Corp. and Shell Pilipinas Corp. said gasoline prices will rise by P1 per liter.
Diesel will see a larger increase of P1.40 per liter while kerosene prices will also go up by P1 per liter this second week of January.
The new rates will take effect starting 6 a.m. on Tuesday, January 7, for most companies, except for Cleanfuel and PetroGazz, which will implement the changes at 4:01 p.m. the same day. Other firms have yet to issue similar announcements.
The latest announcements align with earlier forecasts from 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 harsh winter conditions, and ongoing geopolitical risks and trade tensions.
Throughout 2024, gasoline and diesel prices rose by P12.75 per liter and P11 per liter, respectively. In contrast, kerosene saw a net decrease of P2.70 per liter over the same period.
In Metro Manila, current retail prices for gasoline range from P51.75 to P74.92 per liter, diesel from P49 to P67.24 per liter, and kerosene from P70.29 to P81.69 per liter, based on the latest data from the DOE’s price monitoring. (TCSP)
