Oil Price Hike to Take Effect Again Next Week, Says DOE
FUEL PRICE UPDATE – The Department of Energy reported that an oil price hike is set to take effect starting next week.
Based on current market trends, gasoline prices may go up by around P0.10 per liter. Diesel is expected to see a bigger increase of about P0.85 per liter, while kerosene may go up by around P0.45 per liter.
These changes are expected to be felt starting next week, once oil companies make their official announcements.
According to the DOE, the increase is linked to problems in global oil supply. These include disruptions in the United States, slow recovery of oil production in Kazakhstan, and rising tensions involving Iran.
Oil companies are expected to announce the final price adjustments on Monday, February 2, 2026. The projected increases already consider extra costs such as premium pricing and daily operational expenses of fuel companies.
Higher fuel prices often affect not only transportation but also the prices of basic goods.
This is a developing report, just visit this website regularly or refresh the page for further updates.
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