A significant increase in petroleum product prices is expected starting tomorrow, January 21, 2025, following a rise in the price of Dubai crude oil and sanctions imposed by the United States and United Kingdom on Russia.

Diesel will experience the biggest price hike, increasing by P2.70 per liter. Gasoline will also go up by P1.65 per liter, and kerosene by P2.50 per liter.

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(Photo courtesy of Taguig.com)

Assistant Director Rodela Romero from the Department of Energy (DOE) Oil Industry Management Bureau stated that the tightened sanctions by the US and UK on Russian oil companies Surgutneftegas and Gazprom Neft have led to increased shipping prices, affecting Asian countries such as India and China.

According to Romero, the Philippines gets its finished petroleum products from China.

The winter season is also a factor in the price increase of petroleum products in the international market due to the growing demand.

Based on the week-on-week pricing of Dubai crude from January 6 to 10, 2025, it increased by around $1.23 per barrel. The international price of gasoline rose by an estimated $0.85, diesel increased by $0.98, and kerosene went up by $1.41 per barrel.