DOE to Implement Another Oil Price Hike on Tuesday (February 3, 2026)
FUEL PRICE UPDATE – The Department of Energy announced another round of oil price hike starting Tuesday (February 3, 2026).
Motorists should prepare for higher fuel costs as oil companies announce another round of price increases this week. It will mark the fourth consecutive week of rising gasoline prices and the sixth week of increases for diesel and kerosene.
Gasoline stations say the adjustments respond to shifts in global oil markets and ongoing supply challenges.
Other major players, including PetroGazz, Seaoil, and Caltex, are expected to make comparable adjustments, especially diesel.
The Department of Energy explains that several global factors are driving the surge. Geopolitical tensions around Iran have pushed oil prices higher, while severe winter storms in the United States disrupted production.
Kazakhstan is also facing power and recovery issues in its key oil fields, including the Tengiz field. Additionally, OPEC+ decided to pause planned increases in output, adding to the pressure on global supply.
Last week, fuel prices already went up, with gasoline rising by P0.40 per liter, diesel by P1.40, and kerosene by P0.80. This week’s adjustments will add to the burden for drivers, commuters, and transport operators, who continue to feel the impact of consecutive weeks of price increases.
Authorities advise motorists to anticipate these changes and plan accordingly. With global market conditions remaining unstable,
oil prices
Consumers are encouraged to monitor announcements from their preferred fuel stations to avoid surprises.
This is a developing report, just visit this website regularly or refresh the page for further updates.
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