At least P1/liter hike in pump prices forthcoming starting Jan. 7

Metro Manila, Philippines - Motorists will face a big-time price hike on fuel products this week starting Tuesday, Jan. 7.

Caltex, Cleanfuel and Seaoil have announced an upward price adjustment of up to P1.40 per liter on diesel and P1 per liter on gasoline.

Caltex and Seaoil will also implement an increase of P1 per liter on kerosene.

The Department of Energy earlier 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.