Oil Price Hike Expected on Tuesday (April 8, 2025), DOE Says
FUEL PRICE UPDATE – The Department of Energy is expecting an another oil price hike starting this week.
Filipino drivers might need to prepare for a slight increase in fuel prices next week. The Department of Energy reported that prices for gasoline and diesel are likely to go up, while kerosene prices may either stay the same or see a minor adjustment.
According to the reports, the expected increase could be around P0.24 per liter for gasoline, and P0.21 for diesel. Kerosene might go up or down by around P0. 20 or not change at all.
These numbers are not final yet, as oil companies will confirm the official prices after the last day of trading. The possible price hike is being linked to ongoing global concerns.
Recently, the United States imposed new tariffs on several countries, including China, Korea, and the European Union. These moves have raised fears of a global trade war, which could lead to weaker economic growth and less demand for oil around the world.
International oil prices have already responded to these developments. Brent crude and WTI, two major benchmarks for oil, both dropped hitting their lowest levels since late 2021. This drop could affect fuel costs in the coming days.
At the same time, the Department of Trade and Industry believes there could be a bright side. Some officials believe that the Philippines’ lower tariff rate compared to other Asian countries will allow for more exports, particularly in agriculture.
Despite the price hike trend early in the week, there’s still a chance that prices could stay flat or increase only slightly. With market conditions changing fast, it all depends on how oil trades in the final days before prices are set.
The updated oil prices will be announced Monday and will take effect the following day.
This is a developing report, just visit this website regularly or refresh the page for further updates and information.
RELATED ARTICLE: DOE Announces Oil Price Hike for Tuesday (April 1, 2025)