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After last week’s price cuts, fuel prices will rise this week by up to P1.40 per liter.
PetroGazz, Shell Pilipinas, Seaoil, and Cleanfuel announced on Monday that diesel prices will increase by P1.40 per liter starting Tuesday, January 7.
READ: Fuel price hike up to P1.45/L greets motorists on Christmas week
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.”