MANILA – Motorists and consumers will face a significant oil price hike in the first days of 2025.
Oil companies are set to raise gasoline and kerosene prices by PHP1 per liter, while diesel will increase by PHP1.40 per liter starting Tuesday.
As of now, Caltex, Cleanfuel, Petro Gazz, Seaoil, and Shell have confirmed the price hikes, with other industry players expected to follow.
Global oil market trends suggest higher fuel prices this year, driven by expected policy changes in the United States under the Trump administration. Colder weather in the US and Europe, along with China’s economic stimulus, are also factors that may push oil prices higher worldwide.
On New Year’s Eve, local oil firms reduced prices by PHP0.30 per liter for gasoline and diesel, and PHP0.90 per liter for kerosene.
Despite these rollbacks, 2024 ended with an overall increase in fuel prices. Gasoline saw a rise of PHP12.75 per liter, while diesel went up by PHP11 per liter. Kerosene, however, recorded a decrease of PHP2.70 per liter.
In Metro Manila, the current price range for gasoline is PHP50.85 to PHP74.62 per liter, for diesel it’s PHP48.77 to PHP71.30 per liter, and for kerosene, it ranges from PHP69.94 to PHP81.20 per liter.
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