Filipino motorists face another round of fuel price increases as oil companies announce significant adjustments, adding to the rising cost of living. The Department of Energy (DOE) attributes the hikes to global and regional factors, including rising crude oil prices and a weakening peso.
Filipino motorists brace for another round of fuel price hikes as oil companies implement substantial adjustments starting today, Tuesday. Seaoil, Caltex, Petro Gazz, and PTT announced on Monday uniform increases across gasoline, diesel, and kerosene prices, effective this morning. Gasoline prices will surge by P1.65 per liter; diesel by P2.70 per liter; and kerosene by P2.50 per liter.
These price increments follow the second adjustment of the year on January 14, where gasoline and kerosene prices rose by P0.80 per liter and diesel by P0.90 per liter. This brings the total net increases for 2025 to P1.80 per liter for gasoline and kerosene and P2.30 per liter for diesel. The Department of Energy (DOE) attributes the continuous price hikes to a combination of global and regional factors. The price of Dubai crude, a benchmark for local oil, saw a rise of $1.23 per barrel last week. International prices for refined products have also experienced a significant surge, with gasoline climbing by $0.85 per barrel, diesel by $0.98 per barrel, and kerosene by $1.41 per barrel. Global market conditions are heavily influenced by colder-than-usual weather across the northern hemisphere, US sanctions on Russia, the dwindling stockpiles in Oklahoma, and the weaker-than-expected economic data from China. Domestically, the impact of these global shifts is compounded by a depreciating peso, which averaged P58.32 to the US dollar last week, compared to P58.03 in the previous week. This currency depreciation has further escalated import costs for oil companies, adding to the financial burden on consumers
FUEL PRICES OIL COMPANIES PHILIPPINES ECONOMY PESO
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