Oil prices up for fourth straight week

MANILA, Philippines — Oil firms will implement another round of increase in pump prices in the last week of January.

In separate advisories, CleanFuel, SeaOil, Jetti, UniOil and Shell, said that they would implement the following price increase on fuel products on Tuesday:

• Diesel prices - Up by P1.30 per liter
• Gasoline prices - Up by P2.80 per liter

Kerosene prices will also increase by P2.80 per liter.

This is the fourth consecutive week of oil price hikes implemented by oil companies since the start of 2024. 

The Department of Energy previously attributed the oil price hikes to the increase of risk premiums due to the attacks of Yemen-based Houthi rebels on Red Sea shipping lines and the joint military strike of the United States and the United Kingdom in Yemen.

Last week, oil companies also implemented an increase in pump prices. Diesel prices were up by P0.95 per liter while gasoline prices increased by P1.30 per liter.

Kerosene prices did not have any movement last week. 

SeaOil, Jetti, UniOil, and Shell price adjustments will take effect at 6 a.m. on Tuesday, while price adjustments for CleanFuel will be implemented at 4:01 p.m. on the same day.

Some oil firms have yet to announce their price adjustments.