Oil Price Hike Expected Next Week, DOE Says
FUEL PRICE UPDATE – The Energy Department announced that oil price hike is expected next week.
Filipino motorists should prepare for another round of fuel price increases next week, as global factors continue to impact local pump prices. The Department of Energy (DOE) has forecasted adjustments in fuel prices following recent trends in international oil markets.
The expected hike came from ongoing supply concerns in Asia, largely caused by rising tensions in the Middle East and stricter sanctions imposed by the U.S. on major oil producers like Iran and Russia.
The geopolitical developments have created uncertainty in the global oil supply, pushing prices upward.
From February 10 to 13, the DOE estimates that gasoline prices may increase by P0.45 to P0.75 per liter, while diesel prices are expected to rise by P0.30 to P0.60 per liter. Kerosene is also set to go up, with an adjustment of P0.15 to P0.30 per liter.
Earlier this week, fuel companies implemented minor rollbacks, reducing gasoline and diesel prices by P0.10 per liter and kerosene by P0.30 per liter. However, this slight relief was cut as new market developments are now driving costs higher.
Experts explained that the price increases could have been worse if not for factors like tariff discussions in the U.S. and the ongoing talks for a potential peace agreement between Russia and Ukraine.
Local oil companies are expected to announce official price adjustments on Monday (February 17, 2025), with the changes taking effect on Tuesday (February 18, 2025). Motorists are advised to plan ahead, as these increases will affect both household budgets and transportation costs.
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