Fuel Prices Set for Major Hike Tuesday, Jan. 21, 2025

Motorists should brace for another significant fuel price increase this week as fuel retailers announce the third consecutive round of hikes.

In separate advisories, Chevron Philippines Inc. (Caltex) and Shell Pilipinas Corp. confirmed the following price adjustments effective Tuesday, January 21:

• Gasoline: Increase by ₱1.65 per liter
• Diesel: Increase by ₱2.70 per liter
• Kerosene: Increase by ₱2.50 per liter

Cleanfuel will also implement the same price changes, excluding kerosene, starting at 4:01 PM on the same day. Other oil firms will follow at 6:00 AM.

Year-to-Date Price Movements

This latest hike follows increases implemented last Tuesday, January 14, where prices rose by ₱0.80 per liter for gasoline and kerosene, and ₱0.90 per liter for diesel.

The cumulative year-to-date adjustments now stand at:

• Gasoline: Net increase of ₱1.80 per liter
• Diesel: Net increase of ₱2.30 per liter
• Kerosene: Net increase of ₱1.80 per liter

Global Factors Behind the Hike

The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) attributed the price increases to global factors, particularly new sanctions imposed on Russian oil by the United States and the United Kingdom.

Impact on Motorists

This hike is expected to further strain household budgets and business operations dependent on fuel, particularly for transport and logistics sectors. Motorists are advised to refuel before the price adjustment takes effect.

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