Fuel Prices Rise Again in the Philippines

For the second consecutive week, Filipino motorists are facing an increase in fuel prices. According to an announcement by Pilipinas Shell Petroleum Corp., there will be a rise in the prices of gasoline, diesel, and kerosene starting Tuesday, January 16, 2024. Gasoline prices will see an increase of P0.30 per liter, while diesel and kerosene will both go up by P0.90 per liter. Cleanfuel will also implement similar hikes, although it does not offer kerosene.

This adjustment follows projections made by the Department of Energy’s Oil Industry Management Bureau, which forecasted price hikes for diesel and kerosene, with gasoline prices expected to either remain stable or experience a minimal rollback. These predictions were based on the trading activities in the Mean of Platts Singapore (MOPS).

As of January 9, 2024, the year-to-date adjustments have resulted in a net decrease of P0.25 per liter for diesel and P1.30 per liter for kerosene. These figures come after the recent increases in fuel prices across the board. Other oil firms are expected to announce similar price adjustments for the week.

This development continues to impact the transportation sector and the overall economy, as the Philippines, like many countries, grapples with fluctuating global oil prices.