Push Admin

Gasoline prices up by almost P3 as January ends

Article (news)

ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Buko vendor Rosel Borante pays for P50 worth of fuel at a nearby station after running out of gas and being forced to push her motorcycle along UN Avenue in Manila on March 15, 2022. Jonathan Cellona, ABS-CBN News/File" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/news/03/21/vendor.jpg"/><figcaption>Buko vendor Rosel Borante pays for P50 worth of fuel at a nearby station after running out of gas and being forced to push her motorcycle along UN Avenue in Manila on March 15, 2022. Jonathan Cellona, ABS-CBN News/File</figcaption></figure></div>MANILA — Gasoline prices are rising by almost P3, the steepest hike in pump prices so far in 2024.Petroleum companies announced the following price hikes effective Tuesday, January 29:PILIPINAS SHELL, SEAOIL (from 6 a.m.) Gasoline - P2.80/L increase Kerosene - P0.45/L increase Diesel - P1.30/L increaseCLEANFUEL (from 4:01 p.m.) Gasoline - P2.80/L increase Diesel - P1.30/L increaseJETTI PETROLEUM, UNIOIL, PETROGAZZ (from 6 a.m.) Gasoline - P2.80/L increase Diesel - P1.30/L increaseCALTEX (from 12:01 a.m.) Gasoline - P2.80/L increase Kerosene - P0.45/L increase Diesel - P1.30/L increaseDepartment of Energy (DOE) Assistant Director Rodela Romero said the main driver of the hike were forecasts of an expected increase in demand for 2024.This is also coupled with reduced oil inventory in the United States as geo-political tension in the Middle East and the Red Sea lingered.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/01/27/24/biggest-gasoline-price-hike-so-far-in-2024-expected-on-tuesday">Biggest gasoline price hike so far in 2024 expected on Tuesday</a></li></ul>Since January 9, fuel prices have been rising in the Philippines. By Tuesday, the net increase will reach P4.40 per liter for gasoline, P2.90 per liter for diesel, and P0.05 per liter for keresone. <div>WHY PRICES MOVE WEEKLY IN THE PH</div>When asked why fuel prices adjust weekly, the DOE said this was agreed upon by government and oil companies during the time of then Secretary Angelo Reyes.Romero said if the price adjustment is daily like in the US, the process is tedious, particularly in monitoring prices of all gasoline stations.If done monthly, the accumulated increase may be too big if it is implemented in one tranche, she said.The industry and the DOE agreed on a weekly adjustment based on the Mean of Platts Singapore pricing, even though supplies of fuel do not usually run out in a week&#x27;s time but likely for 15 days. <div>LPG ROLLBACK</div>Meanwhile, liquefied petroleum gas (LPG) player Regasco sees either a slight reduction or no price movement for cooking gas on Feb. 1.For February, Regasto President Arnel Ty estimates the price reduction to hover between P0.50 to P1.50 per kilo.Ty said the winter season would be over soon and supply for the Chinese New Year was already secured.According to Ty, prices are going to ease from February until June.In the Philippines and the rest of the world, LPG prices change every first day of each month.