Following a dip in petroleum product prices for the last week of 2024, this new year is forecast to begin with an increase.

According to the Department of Energy (DOE), pump prices will rise by the following amounts:

• Gasoline - ₱0.40-0.70/liter
• Diesel - ₱0.75-1.00/liter
• Kerosene - ₱0.70-0.80/liter

The agency cited the Organization of Petroleum-Exporting Countries’ (OPEC) extended production cuts until April 2025, alongside a rise in demand for and subsequently decreased supply of heating fuel necessary in the cooler regions of the United States and Europe as reasons for the price surge.

Variable oil prices are also anticipated, owing to geopolitical tensions.