Big-time fuel price hike awaits motorists this week

After weeks of tamed price movements, motorists should brace themselves for another big-time oil price hike starting tomorrow, 24 January.

In separate advisories on Monday, oil companies confirmed that the price of diesel, the so-called poor man’s fuel, will increase by P2.25 per liter.

Gasoline prices, on the other hand, will increase by P2.80 per liter and kerosene by P2.40 per liter.

Since the start of the year, gasoline prices have increased by P2.14 per liter, diesel by P0.70 per liter, and kerosene by P0.95 per liter.

As of 12 January, gasoline prices range from P58 to P67.60 per liter in Quezon City, Metro Manila’s largest city.

Diesel prices, meanwhile, range from P64.68 to P70.85 per liter in Makati City, the country’s top financial hub. In Manila, kerosene sells from P72.76 to P80.90 per liter.

Oil companies usually announce price adjustments every Monday to be implemented morning of the following day.

They adjust their prices weekly based on the movement of the Mean of Platts Singapore — the regional pricing benchmark adopted by the deregulated downstream oil sector.

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