Fuel Prices Rise Again: Gasoline Up for 5th Straight Week, Diesel and Kerosene for 2nd

Motorists will face higher fuel costs this week, with oil companies announcing another round of price hikes effective Tuesday, December 24, 2024. This marks the fifth consecutive week of increases for gasoline and the second for both diesel and kerosene.

Price Adjustments

The following price changes were announced:

• Gasoline: ₱0.50 per liter increase
• Diesel: ₱1.45 per liter increase
• Kerosene: ₱0.75 per liter increase

The adjustments will take effect at 6:00 a.m. on December 24 for most companies, except Cleanfuel, which will implement the changes at 4:01 p.m.

Participating Companies

• With Kerosene:
  • Chevron (Caltex)
  • Flying V
  • Petron
  • Seaoil
  • Shell
• Excluding Kerosene:
  • Cleanfuel
  • Petro Gazz
  • PTT Philippines
  • Unioil

Other firms have yet to announce their price adjustments for the week.

Factors Behind the Price Hikes

The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) attributed the increases to:

• Continuing armed conflicts in the Middle East
• Production cuts by oil-producing countries

Recent Adjustments and Year-to-Date Summary

Last week, prices rose by:

• ₱0.80 per liter for both gasoline and diesel
• ₱0.10 per liter for kerosene

As of December 17, 2024, year-to-date adjustments show:

• Gasoline: Net increase of ₱12.55 per liter
• Diesel: Net increase of ₱8.95 per liter
• Kerosene: Net decrease of ₱2.55 per liter

Motorists are advised to plan ahead as prices are expected to remain volatile amid global supply constraints and geopolitical tensions.