Benise Balaoing

Motorists queue for fuel at a gas station in Pasig City on October 10, 2022, a day before a new round of oil price hike takes effect. Mark Demayo, ABS-CBN News

Article (news)

FUEL PRICE HIKE

ABS-CBN News

<p>MANILA (<strong>2nd UPDATE</strong>) -- Oil prices are going up in the third week of February. </p><p>Oil companies announced the following price hikes effective Tuesday, February 18. </p><div> </div><div><strong>SHELL PILIPINAS, SEAOIL, CALTEX (effective 6 a.m.):</strong></div><p>Gasoline - P0.80/L increase</p><p>Kerosene - P0.10/L increase</p><p>Diesel - P0.80/L increase</p><div> </div><div><strong>CLEANFUEL (effective 4:01 p.m.):</strong></div><p>Gasoline - P0.80/L increase</p><p>Diesel - P0.80/L increase</p><div> </div><div><strong>PETROGAZZ, PTT STATION, JETTI PETROLEUM (effective 6 a.m.):</strong></div><p>Gasoline - P0.80/L increase</p><p>Diesel - P0.80/L increase</p><div> </div><p>Energy Department director Rodela Romero said the price is mainly because of market fears that world oil supply will eventually be affected by US sanctions against oil from Russia and Iran.</p><p>When asked if there is an upward trend in oil prices, Romero ssid there is none yet, as other Organization of Petroleum-Exporting Countries (OPEC) members can still produce more to cover future demand. </p><p>As of Monday, the price of gasoline ranges from P53-P78 per liter, while diesel sells at P50-P64 per liter.</p><div><a class="fr-green fr-strong" href="https://www.abs-cbn.com/news/business/2025/2/13/no-love-after-v-day-oil-price-hike-set-after-valentine-s-0754" rel="noopener noreferrer" target="_blank">No love after V-Day: Oil price hike set after Valentine&#x27;s</a></div><div><strong>LTFRB TO HEAR FARE HIKE PETITION</strong></div><p>Meanwhile, the Land Transportation Franchising and Regulatory Board (LTFRB)  is set to hear the P2 fare hike in jeepneys on Wednesday, February 19.</p><p>A number of jeepney transport groups have asked to raise the current minimum fare of traditional jeep of P13 to P15, and for modern jeepney, from the current P15 to P17.</p><p>LTFRB technical division chief Joel Bolano says it is unlikely that the board will decide on the first hearing. </p><p>Bolano said it is possible that the board will grant a provisional increase lesser than the P2 sought by the petitioners. But the board will get the input of the National Economic Development Authority as increasing the fare will be inflationary. </p><p>According to Bolano, there is still around P440 million left in the fuel subsidy budget from last year and another P2.5 billion for 2025 included in the general appropriations act. </p><p>Bolano said among the possibilities that the board may take include giving a provisional fare increase, giving out fuel subsidy with a  minimal fare hike, or no provisional authority to raise fare before the hearings are complete. -- <strong>with a report from Alvin Elchico, ABS-CBN News</strong></p><div><strong><br/></strong></div>

Oil prices up in third week of February

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Oil prices up in third week of February

Benise Balaoing,

ABS-CBN News

Published February 17, 2025 09:39 AM PHT

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Updated February 17, 2025 02:32 PM PHT

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