DOE Announces Oil Prices Set for Another Increase Next Week
FUEL PRICE UPDATE – The Department of Energy reported that oil prices are set for another increase in the third week of February.
Motorists may once again feel the impact of rising fuel prices as another increase is expected in the third week of February. DOE reported that early trading data shows upward adjustments in pump prices next week.
Based on four days of monitoring under the Mean of Platts Singapore, gasoline prices may go up by around P0.95 per liter. Diesel could increase by about P0.10, while kerosene may rise by P0.25 per liter.
These figures are still estimates and may change slightly after the final trading day. Additional costs from oil companies, such as operating expenses and other premiums, could add as much as P0.40 to P0.50 per liter.
Reports that the United States may intercept tankers carrying Iranian crude have also added to market uncertainty. Iran is among the leading oil producers under OPEC, and any threat to its exports can influence global pricing.
Strong demand in some regions, along with seasonal buying activity ahead of the Lunar New Year, has also supported higher prices.
Some industry groups expect even bigger increases, particularly gasoline and diesel. If adjustments push through, gasoline will record its sixth straight week of increases, while diesel could see its eighth consecutive hike.
Despite this,
energy officials
said prices may begin to ease toward the end of February and into March.
This is a developing report, just visit this website regularly or refresh the page for further updates.
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