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FILE PHOTO: A customer refuels their vehicle at a Mobil gas station on Beverly Boulevard in West Hollywood, California, United States, March 10, 2022. – In the Philippines, an oil price hike of 80 centavos a liter is set this week, companies said. Starting Tuesday, December 17, 2024, gasoline and diesel prices will increase by 80 centavos a liter, while the cost of kerosene will slightly rise by 10 centavos per liter. REUTERS/Bing Guan/File Photo

Motorists will have to pay more for petroleum products this week, as a price hike of nearly P1 a liter for gasoline and diesel was set starting Tuesday, December 17.

In separate advisories, Seaoil and Shell Pilipinas said gasoline and diesel prices would go up by 80 centavos a liter.

The Philippine Stock Exchange index (PSEi) went up by 0.22 percent to 7,326.41 while All Shares also rose 0.24 percent to 4,024.72.

While a much-anticipated briefing on Saturday failed to deliver a hoped-for overall figure on stimulus, Lan Fo’an did set out plans to boost the beleaguered property sector, ramp up borrowing, and work to get banks lending more.

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Kerosene would also have a slight upward adjustment of 10 centavos per liter.

FEATURED STORIES BUSINESS BIZ BUZZ: Marcos bats for brown rice BUSINESS Megaworld to launch 3 new townships in ’25 BUSINESS Oil price hike of 80¢/L starting Dec 17

READ: Oil price adjustment: Gasoline up 40¢/L, diesel down 50¢/L from Dec 10

Fuel retailers usually announce price movements every Monday, with the implementation set the following day.

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The price adjustments were higher than industry sources’ estimates over the weekend.

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READ: Oil price movement: Gasoline up 90¢/L, diesel down 20¢/L

Rodela Romero, the Department of Energy-Oil Industry Management Bureau assistant director, earlier said the increases could be attributed to the higher power demand projected for next year and the ongoing conflict in the Middle East.

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