According to the Department of Energy (DOE), motorists will face another round of fuel price hikes next week, marking the third consecutive increase in January.
The estimated price adjustments, set to take effect on Tuesday, January 21, are as follows:
- Gasoline: Increase of ₱1.60 to ₱1.80 per liter
- Diesel: Increase of ₱2.60 to ₱2.80 per liter
- Kerosene: Increase of ₱2.30 to ₱2.50 per liter
Assistant Director Rodela Romero of the DOE Oil Industry Management Bureau highlighted the significant rise in global oil prices, which increased by $3 to USD 5 per barrel from last Friday to Monday.
“This has a substantial impact,” Romero said in an interview on Teleradyo Serbisyo. “Last Thursday, diesel and kerosene prices increased by $2 per barrel.”
The latest price surge is also attributed to new sanctions imposed by the United States on Russia. These sanctions have disrupted the global oil supply chain, particularly affecting Asian countries, including major importers such as India and China.
Romero explained that the Philippines relies heavily on finished oil products imported from China, making the country susceptible to fluctuations in global market prices.
Rising fuel costs are expected to strain household budgets and increase the cost of goods and services as transportation expenses rise. Public transport operators, delivery services, and other industries that depend on fuel are likely to feel the pinch the most.
Government measures and outlook
While the DOE continues to monitor global market trends and their impact on local prices, Romero noted that external factors such as geopolitical tensions and supply chain disruptions are beyond the government’s control.
Motorists and industries are advised to brace for the continued volatility in oil prices. The DOE also reminded consumers to practice fuel conservation measures and explore energy-efficient alternatives to mitigate the impact of rising costs.
As the price hike looms, calls for government intervention, such as temporary fuel subsidies or price stabilization mechanisms, are expected to grow louder, particularly from transport groups and consumer advocates.
This latest increase highlights the Philippine energy market’s ongoing vulnerability to global economic and political developments, underscoring the need for long-term solutions to reduce dependence on imported fuel.
