Fuel hike spoils Christmas celebration

Motorists are feeling the pinch this week as fuel prices climb yet again, just as the Christmas season kicks into high gear.

On Tuesday morning, oil companies raised prices across the board, with diesel up by P1.45 per liter, kerosene by P0.75 per liter, and gasoline by P0.50 a liter.

The price hikes come as a blow to Filipinos already grappling with rising costs in the lead-up to the holidays.

Rodela Romero, director of the Department of Energy’s (DoE) Oil Management Bureau, explained that the increases were driven by international market forces, including a stronger US dollar and declining US crude oil inventories.

This is the second consecutive week of price increases, with last week seeing gasoline and diesel prices rise by P0.80 per liter and kerosene by a smaller P0.10 per liter.

As the year draws to a close, the cumulative impact on consumers has been significant. Gasoline prices have seen a net increase of P12.55 per liter, while diesel prices have risen by P9.85 per liter. On the brighter side, kerosene prices dipped slightly, recording a net decrease of P2.55 per liter.

With these latest increases, many motorists are bracing for a costly holiday season, as the higher fuel prices add to the strain of already tight budgets.