- Trump Effect? Oil Prices Surge in New Year
- New Year Price Shock: Fuel Costs Soar
- Filipinos Face Higher Fuel Costs on January 7
Just days into the new year, Filipinos are facing a significant jump in fuel prices. Starting Tuesday, January 7th, 2025, motorists and consumers can expect to pay more at the pump.
Major oil companies, including Caltex, Cleanfuel, Petro Gazz, Seaoil, and Shell, have confirmed price increases of PHP1 per liter for gasoline and kerosene, and a steeper PHP1.40 per liter hike for diesel. Other companies are expected to follow suit.
This unwelcome news comes on the heels of a year that saw substantial increases in fuel prices. Despite a small rollback on New Year's Eve, 2024 closed with a net increase of PHP12.75 per liter for gasoline and PHP11 per liter for diesel.
Several factors are contributing to this upward trend, according to industry analysts:
- Anticipated US Policy Shifts: OilPrice.com reports that the global oil industry is bracing for potential policy changes under the returning Trump administration, leading to expectations of higher fuel costs.
- Increased Demand: Colder weather in the US and Europe, coupled with China's economic stimulus measures, are driving up demand for oil in the global market.
These price hikes are likely to have a ripple effect throughout the Philippine economy, impacting transportation costs, the prices of goods and services, and the overall cost of living.
Current Fuel Prices in Metro Manila:
- Gasoline: PHP50.85 to PHP74.62 per liter
- Diesel: PHP48.77 to PHP71.30 per liter
- Kerosene: PHP69.94 to PHP81.20 per liter
This latest fuel price surge is a concerning development for consumers already grappling with economic challenges. It remains to be seen how these price adjustments will impact the Philippine economy in the coming months.
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