MANILA, Philippines — Motorists should fill up their tanks before this week’s fuel price hike of up to P2 per liter takes effect on Tuesday, January 20.
Oil companies will raise prices by P1 per liter for gasoline, P1.50 per liter for kerosene, and P2 per liter for diesel, marking the first major increase of the year.
Shell Pilipinas, Seaoil, CleanFuel, Caltex and PetroGazz announced the upward price changes on Monday, January 19.
Jetti Petroleum President Leo Bellas said that developments intensifying geopolitical tensions have driven crude oil and refined fuel prices to "increase significantly."
According to the Department of Energy’s Oil Industry Management Bureau, the global oil market over the past week has primarily been influenced by concerns over escalating tensions in Iran, one of OPEC’s largest oil producers.
Bellas pointed to the "volatile and unpredictable environment" in Venezuela, Iran and the Black Sea. He added that the United States' suggestion of possible intervention in ongoing Iranian protests has also sparked short-term price increases and fueled fears of supply disruptions.
Last week, fuel prices only rose modestly by P0.20 to P0.30 per liter, continuing a trend of smaller increases that began in the first week of January.
With this week's price hike, the year-to-date net increase has reached P1.20 per liter for gasoline, P2.40 per liter for diesel and P1.90 per liter for kerosene.
This effectively raises fuel prices to over P20 per liter compared to 2024, contributing to higher costs for other goods and services that depend on fuel. — with reports from The Philippine STAR / Brix Lelis
