FUEL prices went up for the second straight week on Tuesday, Jan. 27, as the global oil market reacted to continuing geopolitical tensions and a surge in demand by countries experiencing winter.
The per-liter price of diesel rose by P1.40, gasoline by 40 centavos, and kerosene by 80 centavos.
The temporary halting of production at two large oilfields in Kazakhstan, better oil demand optimism from China, stronger economic growth forecast for 2026 from the International Monetary Fund, and the sharp rise in oil demand from the US and Europe due to the colder temperatures were reasons for this week’s increases.
Since the start of the year, the price of gasoline has gone up by P1.60 per liter, diesel by P3.80 per liter, and kerosene by P2.50 per liter.
