10-cent increase in oil prices set Jan.

9
By Kris Crismundo

January 8, 2024, 5:09 pm

FIRST HIKE. Oil firms announce price hikes for petroleum products starting Jan. 9, 2024. This
will be the first price increase by oil players for this year. (PNA file photo)

MANILA – Following a rollback last week, pump prices are set to increase on Tuesday.

In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil and Shell said they will
increase gasoline and diesel prices by PHP0.10 per liter.

Caltex, Seaoil and Shell will also add PHP0.10 per liter for kerosene prices.

Other firms are expected to follow suit.

With the expected price hike, diesel prices were still lower by PHP0.25 per liter than its last price
in 2023 and kerosene prices were still lower by PHP1.30 per liter.

Gasoline prices remained steady.

With the price adjustments last week, price range for gasoline stood at PHP53.20 to PHP77.30
per liter, PHP50.49 to PHP78.81 per liter for diesel, and from PHP70.64 to PHP82.03 per liter
for kerosene.
Last week, the World Bank said global oil prices have remained volatile due to geopolitical
conflict.

“The latest conflict in the Middle East has raised geopolitical risks for commodity markets, as
the region accounts for one-third of the world’s seaborne oil trade. Although a receding scenario,
an escalation of the conflict, depending on the duration and scale, could trigger sharp oil supply
disruptions,” the World Bank said.

It said the possibility of extension or increasing of output cuts by Saudi Arabia and Russia will
boost upside risks to the global oil market.

World Bank data showed that average global oil price declined to USD78 per barrel in December
2023, lower than the USD94 in September 2023. (PNA)