Oil companies will assume the role of the Grinch who stole Christmas day as the Department of Energy reported a big-time oil price hike by Tuesday next week.

The increases follow two weeks of reductions. Based on the monitoring of the DoE, diesel prices would increase by P2.10 to P2.40 per liter.

The price of gasoline, on the other hand, will surge by P0.40 to P0.70 per liter, while kerosene prices will rise by P1.60 to P1.90.

These price spikes offset more than half the P3.40 per liter decrease the previous week, the DoE said.

Although China recently reversed its zero-Covid approach to the pandemic, the DoE said the country's weak demand is still seen to be the main driver of the price hike.

Green transition support

Meanwhile, the government of Denmark expressed its interest in the government's push in promoting renewable energy.

On Friday, Danish Ambassador Franz-Michael "Dan-Dan" Mellbin, along with Przemek Lupa, Associate Partner of Copenhagen Infrastructure Partners, met with Department of Energy officials, led by Lotilla, to discuss the offshore wind landscape in the Philippines.

"The meeting affirms Denmark's keen interest to support the Philippines' Green Transition and the development of the emerging local offshore wind industry," the DoE said in a Facebook post.

Earlier, Lotilla issued Department Circular 2022-11-0034 to further adjust the Renewable Energy Act of 2008, allowing more foreign players to participate in the renewable energy sector.