Motorists queue for fuel at a gas station in Pasig City on October 10, 2022, a day before a new round of oil price hike takes effect. Diesel prices is forecast to increase by P6 to P6.85 per liter, gasoline prices at P1.20 to P1.40 per liter, and kerosene prices by P3.50 to P3.70 per liter. Mark Demayo, ABS-CBN News

FUEL PRICE HIKE

David Dizon

ABS-CBN News

MANILA (UPDATE) -- Consumers will have to deal with another hike in fuel prices just 2 weeks into the New Year, based on 4 days of trading on the Mean of Platts Singapore, an energy official said Friday. Assistant Director Rodela Romero, Director III of the Department of Energy Oil Industry Management Bureau, said the following fuel price hikes will be implemented by January 14.  Gasoline – P0.40 to P0.70 centavos / literDiesel  - P0.45 to P0.75/literKerosene – P0.65c to P0.75/literFactors influencing oil prices include lower production data from OPEC and Russia and an anticipated increase in demand from ASEAN due to an economic stimulus package from China.  The cold blast in the US and Europe will also increase fuel demand in these regions, Romero said. Jetti Petroleum President Leo Bellas said he sees further upward price movement today, Friday, in the Mean of Platts Singapore, the country&#x27;s price benchmark. Bellas said the main reason for the price increase is the fear of reduced supply amid expectations of higher demand soon, especially in China after its government announced a stimulus package to spur the economy. In the Philippines, this is the second straight week of oil price hikes since the start of 2025.

Factors influencing oil prices include lower production data from OPEC and Russia and anticipated increase in demand from ASEAN due to an economic stimulus package from China.

Factors influencing oil prices include lower production data from OPEC and Russia and anticipated increase in demand from ASEAN due to an economic stimulus package from China.

DOE sees another oil price hike by mid-January | ABS-CBN

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DOE sees another oil price hike by mid-January

DOE sees another oil price hike by mid-January

David Dizon,

ABS-CBN News

Published Jan 10, 2025 08:25 AM PHT

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Updated Jan 10, 2025 03:59 PM PHT

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