Ched Rick Gatchalian

Article (news)

First oil price hike in 2025 expected next week

ABS-CBN News

MANILA — Motorists are welcoming 2025 with an increase in prices of petroleum products, according to the Department of Energy. The projected upward adjustments are the following:Gasoline - P0.90/L to P1.10/L increaseDiesel - P1.30/L to P1.50/L increaseKerosene - P0.90 to P1.10/L increaseThe price changes will be announced on Monday, January 6, and will take effect Tuesday, January 7.After the<a class="fr-green fr-strong" href="https://www.abs-cbn.com/news/business/2024/12/27/fuel-price-rollback-seen-on-last-day-of-2024-1617"> slight cuts in oil prices last December 31</a>, the DOE explained that the cold weather in January 2025 in the United States and Europe resulted to high demand for heating fuels.The agency also emphasized that the Organization of Petroleum-Exporting Countries (OPEC) extended production cuts until April 2025.Furthermore, the department noted that the geopolitical tensions may start short-term oil price volatility.

Motorists are welcoming 2025 with an increase in prices of petroleum products, according to the Department of Energy.

Motorists are welcoming 2025 with an increase in prices of petroleum products, according to the Department of Energy.