Expect first fuel price hike in 2025 next week - DOE

Metro Manila, Philippines - Motorists may expect the first price increase on fuel products this year on Jan. 7, the Department of Energy (DOE) said.

In its forecast on Friday, Jan. 3, the DOE said gasoline prices may inch up by P0.40 to P0.70 per liter.

Increases are also seen for diesel prices by P0.75 to P1 per liter, and kerosene by P0.70 to P0.80.

The agency cited the following reasons affecting global supply and prices:

+ OPEC+ extending 2.2 million barrels per day production cuts until April 2025;

+ US and Europe facing potentially severe cold in January boosting demand for heating fuels; and

+ Geopolitical risks and trade tensions may cause short-term oil price volatility.

In 2024, the DOE said the total price adjustment for gasoline and diesel stood at a net increase of P12.75 per liter and P11 per liter, respectively. Kerosene posted a total net decrease of P2.70 per liter.