Oil companies will hike the cost of petroleum products starting Tuesday (January 7), a week after implementing a rollback.

Seaoil Philippines Corp. and Shell Pilipinas Corp have issued separate advisories that they will be adding PHP1.00 to PHP1.40 more to the current prices of oil products.

The hike per liter of gasoline and kerosene will be PHP1 to PHP1.40, respectively.

Similar changes in their prices will also be carried out by Cleafuel and Petro Gazz although these distributors do not sell kerosene.

The price adjustments will take effect at 6 am on Tuesday for all frims. Cleanfuel is expected to change their prices around 4 pm the same day.

The Department of Energy-Oil Industry Management Bureau cited extended production cuts until April 2025, higher demand in the United States and Europe; and geopolitical and trade tensions as among the reasons for the hike in prices of fuel.

Last week, oil companies slashed a measly PHP 0.30 on gasoline and diesel and PHP0.90 on kerosene after they implemented a series of price hikes last December.