Motorists and other consumers must brace for a big-time oil price hike that may go as high as P2.50 per liter next week, as the world oil market’s volatility sets off the third consecutive increase in pump prices in as many weeks.
Jetti Petroleum president Leo Bellas said early price movement indicators for week of January 20, which are based on the movements in the Mean of Platts Singapore (MOPS) benchmark and foreign exchange rates, showed a possible increase in diesel of P2.30 to P2.50 per liter and gasoline by P1.60 to P1.80 per liter.
“Oil prices increased sharply on worries that the latest round of US sanctions against Russia could disrupt supply and distribution chains, potentially affecting Russian crude exports to top buyers China and India,” he said.
Local oil firms traditionally announce the imminent price movement every Monday, which in turn, is implemented by gas stations at 6 a.m. on Tuesday.
On Jan. 14, 2025, oil companies implemented an increase of P0.80 per liter for both gasoline and kerosene while diesel increased by P0.90 per liter.
On Jan. 7, 2025, oil firms also raised the price of both gasoline and kerosene by P1 per liter while diesel increased by P1.40 per liter.
Gasoline and kerosene have a total net increase of P1.80 per liter; diesel has a total net increase of P2.30 per liter.
Prevailing prices of petroleum products at the National Capital Region for January 7 to 13, 2025 showed that gasoline prices range from P51.65 to P75.62 per liter, diesel from P49 to P72. 20 per liter and kerosene from P70.91 to P82.20 per liter.
Pump prices vary depending on the product, location and market forces.