Higher fuel prices in last week of February - DOE

Metro Manila, Philippines - Motorists may expect a fresh rise in fuel prices in the last week of the month, the Department of Energy (DOE) said on Friday, Feb. 21.

The DOE said gasoline prices may increase by up to P0.70 per liter and diesel by up to P0.20 per liter or lower by P0.10.

Kerosene, meanwhile, may have an uptick of P0.10 per liter.

The agency attributed the price adjustment to the possible disruption on the oil international market.

Other reasons include G7’s proposal to tighten oil price cap in Russia in a bid to push a peace agreement with Ukraine and reports from the Organization of the Petroleum Exporting Countries Plus considering delaying output adjustments in April.

Oil companies carried out price increases on Tuesday.