Big-time oil price hike to take effect on Jan. 24

ABS-CBN News

Posted at Jan 23 2023 11:50 AM

MANILA — Some oil firms on Monday announced that they would implement a big-time hike on the prices of petroleum products this week.

Effective Tuesday, Jan. 24, the following companies will have a significant increase in their oil prices.

PILIPINAS SHELL (effective 6 a.m.)

  • Gasoline: P2.80 per liter
  • Kerosene: P2.40 per liter
  • Diesel: P2.25 per liter

CLEAN FUEL (effective 4:01 p.m.)

  • Gasoline: P2.80 per liter
  • Diesel: P2.25 per liter

SEAOIL (effective 6 a.m.)

  • Gasoline: P2.80 per liter
  • Kerosene: P2.40 per liter
  • Diesel: P2.25 per liter

Over the weekend, oil industry sources estimated fuel products to increase by up to P3.50 a liter.

The Department of Energy cited China's reopening efforts as it veered away from a zero-COVID policy, which outweighed fears of a global recession that is usually a factor for decreasing oil prices globally. 

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— With report from Alvin Elchico, ABS-CBN News