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Oil firms open 2025 with major pump price hike
Major oil firms are implementing a significant pump price hike effective Tuesday, January 7, 2025, opening the year with increased costs for motorists.
Gasoline and kerosene prices will each increase by P1.00 per liter, while diesel will see a P1.40 per liter hike.
Several companies, including Caltex, Petron, Seaoil, and Shell, have announced these adjustments, with Cleanfuel, Petro Gazz, and Unioil implementing similar changes for gasoline and diesel.
These price increases align with earlier projections from the Department of Energy-Oil Industry Management Bureau, citing OPEC+'s extended production cuts until April 2025, increased demand due to cold weather in the US and Europe, and ongoing geopolitical risks.
This follows a price rollback implemented on Tuesday, December 31, 2024, where gasoline and diesel prices were reduced by P0.30 per liter, and kerosene by P0.90 per liter.
In 2024, overall adjustments resulted in a net increase of P12.75 per liter for gasoline and P11.00 per liter for diesel, with a net decrease of P2.70 per liter for kerosene.
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Oil companies are expected to implement fuel price increases starting January 7, following a price cut at the beginning of the year.
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Filipino consumers will face the second fuel price increase of 2025 on Tuesday, January 14.
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Motorists should brace for increased fuel prices starting January 7, with gasoline prices set to rise by up to P1.00 per liter, diesel by up to P1.40, and kerosene by up to P1.00.
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Motorists can expect a rollback in fuel prices starting New Year's Day, with reductions of P0.30 per liter for gasoline and diesel, and P0.90 per liter for kerosene.
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