Fuel prices to increase starting December 24

Filipino consumers will experience increased fuel costs starting December 24, with several oil companies implementing price hikes.

Diesel prices will rise by P1.45 per liter, gasoline by P0.50 per liter, and kerosene by P0.75 per liter.

Companies announcing these adjustments include Shell Pilipinas, Caltex, Seaoil, Petrogazz, Cleanfuel, and PTT.

The price increases are attributed to a stronger US dollar against the peso and declining US crude oil supply, according to the Department of Energy-Oil Industry Management Bureau.

Further contributing factors include supply concerns due to tighter sanctions on Russia and limited exports from China and South Korea.

These adjustments mark the second consecutive week of price increases for both gasoline and diesel.

Year-to-date, total adjustments show a net increase of PHP12.55 per liter for gasoline and PHP9.85 per liter for diesel, while kerosene has a net decrease of PHP2.55 per liter.