Metro Manila, Philippines – The Department of Energy (DOE) announced on Friday another round of increase in prices of petroleum products set for the first week of March.
The following price adjustments will apply based on the four-day Mean of Platts Singapore (MOPS) trading:
Gasoline – more or less increase of ₱1.10
Diesel – more or less increase of ₱0.50
Kerosene – more or less increase of ₱0.90
Geopolitical tensions between the U.S. and Iran remain a significant factor in the oil price hike, according to Rodela Romero, Assistant Director of the DOE–Oil Industry Management Bureau (OIMB).
Romero noted the ongoing talks between the two countries, expressing hope that these will lead to lower oil prices.
She assured the public that there is no problem with the global petroleum supply.
“Wala naman pong problema ng supply dito sa Pilipinas, even sa world. Talagang naka-threat lang po yung supply disruption kung sakaling magkakagulo sa dalawang bansa,” said Romero.
[Translation: There’s no problem with oil supply here in the Philippines, or even in the world. There is only a threat of supply disruption in case conflict arises between the two countries.]
Romero said Saudi Arabia is prepared to stabilize the market in the event of a supply disruption.
