DOE: Oil prices surge, gasoline up PHP1.65 per liter

Motorists in Quezon City will face another significant increase in oil prices starting Tuesday, January 21, according to the Department of Energy (DOE).

Fuel retailers including Caltex, Cleanfuel, Petro Gazz, PTT, Seaoil, and Shell have announced a major pump price hike, with gasoline increasing by PHP1.65 per liter, diesel by PHP2.70 per liter, and kerosene by PHP2.50 per liter.

Assistant Director Rodela Romero of the DOE's Oil Industry Management Bureau attributed the price surge to new US sanctions against Russia, which have affected Asian countries like India and China, leading to an increase in shipping costs.

This marks the third straight week of fuel price hikes, with diesel seeing a PHP5.00 per liter net increase since January 1st, gasoline a PHP3.45 per liter increase, and kerosene a PHP4.30 per liter hike over three weeks.

Romero highlighted that the Organization of Petroleum Exporting Countries (OPEC) will only resume additional supply production by April 2025, contributing to the tightness in world supply.

Protesters from Bayan Muna have gathered at gas stations along Commonwealth Avenue to protest these series of price increases, viewing them as an attack on consumers.