MOTORISTS should prepare for higher fuel prices in the coming week following a rollback during the first week of 2025. According to industry estimates based on international trading over the past four days, the anticipated adjustments are:
Gasoline: Increase of ₱0.40 to ₱0.70 per liter
Diesel: Increase of ₱0.75 to ₱1.00 per liter
Kerosene: Increase of ₱0.70 to ₱0.80 per liter
Rodela Romero, Assistant Director of the Department of Energy’s (DOE) Oil Industry Management Bureau, attributed the expected price hike to several factors:
- OPEC+ Production Cuts: A 2.2 million barrels per day production cut extended until April 2025.
- Cold Weather in the US and Europe: Increased demand for heating fuels due to severe cold blasts.
- Geopolitical Risks: Heightened volatility in global oil markets due to trade tensions and other uncertainties.
Romero noted that final price adjustments would be determined after Friday’s trading, with fuel companies announcing official adjustments on Monday, to be implemented on Tuesday.
Recent Price Trends
On December 31, 2024, fuel companies implemented rollbacks: gasoline and diesel prices were reduced by ₱0.30 per liter, while kerosene prices dropped by ₱0.90 per liter.
For the year 2024:
Gasoline: Net increase of ₱12.75 per liter
Diesel: Net increase of ₱11.00 per liter
Kerosene: Net decrease of ₱2.70 per liter
As of DOE’s latest price monitoring, retail prices in Metro Manila are:
Gasoline: ₱51.75 to ₱74.92 per liter
Diesel: ₱49.00 to ₱67.24 per liter
Kerosene: ₱70.29 to ₱81.69 per liter
Motorists are advised to plan accordingly as fuel prices continue to fluctuate.