Motorists are set to face another oil price hike as the month of February begins.
According to Department of Energy (DOE) Oil Industry Management Bureau Assistant Director Rodela Romero, based on four days of trade monitoring by Means of Platts Singapore, there will be a slight increase in the prices of petroleum products next week.
Gasoline prices may go up by ₱0.10 per liter, diesel by ₱0.85 per liter, and kerosene by ₱0.45 per liter.
Romero explained that the increase is due to the loss of at least two million barrels of oil production per day in the United States following a winter storm that hit parts of the country.
Another contributing factor is a fire and power issue in Kazakhstan.
On January 18, operations at the Tengiz oilfield in Kazakhstan—one of the largest oilfields in the world—were temporarily halted after a massive fire broke out.
