Oil price hike set on January 23

MANILA, Philippines — Pump prices are expected to increase in the third week of January.

Gasoline prices are expected to rise from P0.90 to P1.20 per liter, while diesel prices are expected to hike from P0.60 to P0.90 per liter. 

Kerosene prices, on the other hand, could increase by P0.20 per liter. 

On Friday, Department of Energy-Oil Management Bureau Assistant Director Rodela Romero attributed the impending price increase to the escalating tensions in the Middle East, including the threat of the Yemen-based Houthi rebels in the Red Sea and the Iranian missile strikes on certain targets in Syria and Iraq. Romero said these added to the risk premium.

Last week, oil companies also implemented an increase in pump prices. Diesel and kerosene prices were up by P0.90 per liter while gasoline prices increased by P0.30 per liter. 

Final price adjustments will be announced by oil firms on Monday and will be take effect on Tuesday.