[News] Oil prices to increase Jan. 14

[Rimuru]

Oil prices in the Philippines are set to increase again, with several oil companies announcing price hikes beginning on January 14, 2025. Caltex, Shell, Seaoil, Petro Gazz, and Cleanfuel will all be raising the prices of gasoline, kerosene, and diesel. This latest increase follows a previous price hike implemented last week, where gasoline and kerosene prices rose by PHP1 per liter, and diesel prices increased by PHP1.40 per liter. The recent price adjustments are attributed to global market fluctuations and are likely to impact consumers' transportation costs and overall expenses. The price increases for gasoline and diesel have been particularly significant in 2024, with a total net increase of PHP12.75 per liter and PHP11 per liter, respectively. Kerosene prices, on the other hand, have experienced a net decrease of PHP2.70 per liter over the same period. These fluctuations in oil prices can have a ripple effect on the Philippine economy, affecting inflation rates, consumer spending, and the cost of goods and services. The rising cost of fuel is a concern for many Filipinos, particularly those who rely on private vehicles for transportation. The government is likely to monitor these price adjustments closely and may consider implementing measures to mitigate the impact on consumers. The Philippine National Oil Company (PNOC) plays a crucial role in ensuring the stability of the oil industry and may explore options to address the rising fuel prices. The situation highlights the importance of energy security and the need for alternative energy sources to reduce dependence on fossil fuels.