Fuel price hike: Diesel up P2.70/L, gasoline P1.65/L starting Jan 21

Fuel price increase. INQUIRER FILE PHOTO

Motorists must brace for a big-time oil price hike this week, as oil companies will impose an up to P2.70 increase per liter.

In separate advisories, Caltex, CleanFuel, and Shell Pilipinas said the per-liter price of diesel would soar by P2.70.

Kerosene will also see an increase of P2.50 per liter, while gasoline will go up by P1.65 a liter.

This marks the third straight week of fuel price hikes.

In an earlier statement, Rodela Romero, Department of Energy (DOE)-Oil Industry Management Bureau assistant director, said the upward movements in pump prices could be traced to the sanctions imposed by the United States against Russia, which could lead to “a reduction of Russian exports.”

“Thereby, [it] could push global crude prices higher in the near term, as the market adjusts to the loss of supply from one of the world’s largest oil producers. Likewise, there would be potential increases in shipping cost,” Romero said.

Last week, fuel retailers made upward adjustments in the prices of petroleum products, reaching almost P1 a liter.