Diesel, gasoline prices up P1.40/L, P1/L starting Jan 7

Fuel price increase. INQUIRER FILE PHOTO

After last week’s price cuts, the motoring public will see higher prices for petroleum products this week, reaching up to P1.40 per liter.

In separate advisories on Monday, PetroGazz, Shell Pilipinas, Seaoil, and Cleanfuel said diesel prices would jump by P1.40 a liter beginning Tuesday, January 7.

Gasoline and kerosene will also see an increase of P1 a liter.

Rodela Romero, Department of Energy (DOE)-Oil Industry Management Bureau assistant director, earlier said the upward adjustments in pump prices could be attributed to the production cuts slated until April of this year.

“US and Europe faced potentially severe cold blasts in January, boosting demand for heating fuels,” she added as one of the factors.

The official also said that continuous geopolitical tensions and conflict in the trade sector could result in “short-term oil price volatility.”