Another Fuel Price Hike Expected in Early March

DOE Expects Another Fuel Price Hike Starting First Week of March

OIL PRICE UPDATE – Another fuel price hike is expected in the first week of March, which may add to the burden of Filipino motorists.

The Department of Energy and industry sources have signaled another round of adjustments, continuing the steady climb seen since the start of the year.

Early projections from fuel companies are expecting gasoline prices could rise between P1.40 and P1.60 per liter, while diesel may go up by P0.80 to P1 per liter.

DOE’s monitoring based on international trading, there is a possible increase of about P1.10 per liter for gasoline, P0.50 for diesel, and P0.90 for kerosene.

Final figures will be confirmed after the last trading day and once oil firms include operating prices and other charges.

If these adjustments push through, it will mark another straight week of increases. Diesel and kerosene have already recorded nine consecutive hikes, while gasoline is also nearing its eighth straight increase.

Over the past two months alone, gasoline prices have risen by P4.80 per liter, diesel by P7.70, and kerosene by P6.70.

Ongoing tension between the United States and Iran remains a major concern in the oil market. Recent talks between the two countries ended without a nuclear agreement, while new sanctions were placed on vessels carrying Iranian crude.

Military activity in the Middle East and concerns over possible disruptions in key oil routes, such as the Strait of Hormuz, have also added pressure on prices. Weaker gasoline exports from China and South Korea have further tightened supply.

Oil companies are expected to announce the official adjustments on Monday, with new prices taking effect the following day.

This is a developing report, just visit this website regularly or refresh the page for further updates.