The Department of Energy (DOE) has announced that petroleum product prices are set to rise again next week. According to DOE–Oil Industry Management Bureau Assistant Director Rodela Romero, gasoline prices are expected to increase by ₱0.60 per liter, diesel by ₱0.75 per liter, and kerosene by ₱1.00 per liter.
Romero explained that the price movements are driven by U.S. sanctions imposed on several companies exporting oil from Russia, following what was described as failed peace efforts between U.S. President Donald Trump and Russian President Vladimir Putin.
The official added that the end of the longest government shutdown in U.S. history also contributed to the increased demand for oil, as economic activity and energy consumption surged following the resumption of government operations.
Although global oil supply remains higher than demand, Romero said that retail prices cannot immediately return to lower levels because the business costs of oil companies are not yet reflected in the monitored prices.
Oil companies are expected to announce the official price adjustments before next week.