Motorists will face a price increase for petroleum products this week, as retailers announced a significant price hike on Monday to start 2025, following a rollback the previous week.
In separate statements, Seaoil Philippines Corp. and Shell Pilipinas Corp. said 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 changes, except for kerosene, which they do not offer.
The price increases will take effect at 6 a.m. on Tuesday, January 7, for all companies, except Cleanfuel, which will increase prices at 4:01 p.m. on the same day.
Other companies have not made similar announcements for the week.
These price adjustments align with earlier forecasts from the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), citing extended production cuts until April 2025, higher demand in the US and Europe due to severe cold weather, and geopolitical risks and trade tensions.
Last week, firms reduced the prices of diesel and gasoline by P0.30 each, and kerosene by P0.90.
In 2024, the price adjustments led to 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.
