Big-time price hike: Diesel up by P1.40 per liter
The motoring public will need to pay more when they gas up starting on Jan. 27, as fuel retailers implement another price hike in the last week of January.
In an advisory on Monday, Seaoil, Jetti Petroleum, Caltex, PTT Philippines and Petron said the per-liter price of diesel would increase for the fifth straight week, going up by P1.40.
Gasoline will also be more expensive by 40 centavos a liter, marking its third consecutive week of hikes. Kerosene will also record its fifth round of increases, with its price climbing by 80 centavos.
Jetti Petroleum president Leo Bellas earlier said that the potential price hikes could be blamed on supply risks, stronger demand and continued geopolitical tensions.
“Geopolitical tensions continue to have a significant impact on the prices of diesel and middle distillates,” Bellas said.
The higher demand forecast was also due to the bullishness in China’s economic expansion, as well as stronger consumption in the United States and Europe due to colder weather.
