Fuel prices rise despite rollback projections

MANILA, Philippines — Fuel prices rose this week instead of declining as industry experts earlier projected. Gasoline, diesel, and kerosene are set to increase by up to P0.30 per liter starting Tuesday, January 13.

The hike is relatively modest, with diesel rising by another P0.20 per liter, matching last week’s increase. Gasoline, following a slight rollback, will increase by P0.30 per liter, with kerosene also rising by P0.30 per liter.

Shell Pilipinas, Seaoil, CleanFuel, PetroGazz and PTT Philippines announced the upward price adjustments in separate advisories on Monday, January 12. 

Local industry experts and the Department of Energy’s Oil Industry Management Bureau had anticipated a slight drop in fuel prices this week after global oil prices softened on expectations of increased crude supply, including the possibility of higher output from Venezuela.

This expectation follows United States President Donald Trump’s announcement of a 30 to 50-million-barrel oil release involving Washington and Venezuela, after the US took control of Venezuelan oil tankers and sales.

Volatile prices amid tensions. Trump made this announcement a week after launching bomb strikes in Venezuela aimed at capturing Venezuelan President Nicolás Maduro over alleged drug trafficking and claims that his regime was illegitimate.

One of the first issues Trump addressed, however, was Venezuela’s oil industry, which led critics to question the true intentions of the US administration toward the the petroleum-rich country.

According to a Reuters report, oil prices were volatile over the past week, with Brent crude showing little movement, according to the latest data.

Investors weighed potential supply disruptions from intensifying protests in Iran that could affect shipments. The decline was partially offset by the expected resumption of oil exports from Venezuela.

This week’s price hike brings the year-to-date net increase to P0.20 per liter for gasoline and P0.40 per liter for diesel and kerosene. As a result, fuel prices in the Philippines are now over P20 per liter higher for gasoline and diesel compared with the start of 2025.