Motorists queue up for the 10-peso per liter fuel price offered by Phoenix Petroleum at the North Avenue  on Tuesday from 10AM to 12 noon. The promo caused heavy traffic in several parts of the metro as motorists take advantage of the huge discount. Mark Demayo, ABS-CBN News

10 pesos per liter on Phoenix's 10th anniversary

Alvin Elchico

ABS-CBN News

<p>MANILA — Fuel prices are expected to go up again next week, which would be the third straight week of price hikes.</p><p>Based on the first three trading days at Singapore&#x27;s Mean of Platts, diesel and kerosene prices are up by more than P2 per liter while gasoline price is higher by more than P1.50 per liter.</p><p>The Department of Energy said the main reason for the price spike is the new US sanctions on Russia.</p><p>Jetti Petroleum said it is already certain that fuel prices are going up again next week as international prices are not expected to go down dramatically in the next two trading days.</p><p>For the first 2 weeks of 2025, diesel prices have already gone up by P2.30 and gasoline by P1.80 per liter.</p><div><strong>ERC READIES DECISION ON NGCP</strong></div><p>Meanwhile, the Energy Regulatory Commission targets to release its decision on the potential refund or rate hike of the National Grid Corporation of the Philippines by the end of January.</p><p>The issue rests on whether or not NGCP should pass on to consumers the cost of projects that have not yet been finished and utilized by the electricity grid.</p><p>Albay representative Joey Salceda earlier said the NGCP needs to refund more than P200 billion but the company said there is no basis yet for that amount as the ERC has yet to issue a ruling on the issue.</p><p>ERC Chairperson Monalisa Dimalanta said if the ERC allows NGCP to only recover projects that are completed from 2016-2022, there is going to be a refund of more than P100 billion or a refund of P1/kWh.</p><p>But if the commission decides to adopt the &quot;as spent&quot; approach, there is going to be an increase in transmission rates of around P0.14/kWh.</p><p>The commission, voting 3-2 earlier decided to adopt the &quot;as spent approach&quot; but the preliminary determination has been subjected to public consultations and a decision is expected in a few weeks.</p><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/tXOu3It9Bx4?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>Fuel prices are expected to go up again next week, which would be the third straight week of price hikes.</p>

Fuel prices are expected to go up again next week, which would be the third straight week of price hikes.

Oil price hike looms for third straight week in January | ABS-CBN

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Oil price hike looms for third straight week in January

Oil price hike looms for third straight week in January

Alvin Elchico,

ABS-CBN News

Published Jan 16, 2025 05:12 PM PHT

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