Oil price hike of 80¢/L starting Dec 17

FILE PHOTO: A customer refuels their vehicle at a Mobil gas station in Beverly Boulevard in West Hollywood, California, United States, March 10, 2022. – In the Philippines, an oil price hike of 80 centavos a liter is set this week, companies said. Starting Tuesday, December 17, 2024, gasoline and diesel prices will increase by 80 centavos a liter while cost of kerosene will slightly rise by 10 centavos per liter. REUTERS/Bing Guan/File Photo

Motorists will have to pay more for petroleum products this week, as a price hike of nearly P1 a liter for gasoline and diesel was set starting Tuesday, December 17.

In separate advisories, Seaoil and Shell Pilipinas said the prices of gasoline and diesel would go up by 80 centavos a liter.

Kerosene would also have a slight upward adjustment of 10 centavos per liter.

READ: Oil price adjustment: Gasoline up 40¢/L, diesel down 50¢/L from Dec 10

Fuel retailers usually announce price movements every Monday, with the implementation set the following day.

The price adjustments were higher than industry sources’ estimates over the weekend.

READ: Oil price movement: Gasoline up 90¢/L, diesel down 20¢/L

Rodela Romero, Department of Energy-Oil Industry Management Bureau assistant director, earlier said the increases could be attributed to the higher power demand projected for next year as well as the ongoing conflict in the Middle East.