Fuel prices are set to increase tomorrow, February 10. The price hike was caused by the continued volatility in global oil markets, according to the Department of Energy (DOE).

In a statement released today, the DOE said the expected increases will apply to gasoline, diesel, and kerosene. This is due to recent movements in international oil prices rather than any domestic factors.

The government agency pointed to ongoing geopolitical tensions between the United States and Iran as one of these factors. While talks between the two countries have taken place, the DOE noted that no proper agreement has been reached. This keeps fuel markets uncertain and thus more volatile.

Supply-side pressures also contributed, particularly to the decline in U.S. crude oil inventories. Data from the U.S. Energy Information Administration showed that commercial crude oil stocks fell by 3.5 million barrels as of February 4, bringing overall inventories down to 420.3 million barrels.

In addition to these factors, extreme cold weather in parts of the United States have also disrupted oil production and refinery operations. According to the DOE, these weather-related challenges have further constrained supply in various critical regions, which then adds onto pressure in global oil prices.

Despite the upcoming price hike, the DOE has assured that some gasoline stations will still offer fuel discounts for public utility vehicles (PUVs), ranging from PHP 0.50 to PHP 3.00. Loyalty discounts for private motorists are also being implemented by select stations.

The DOE said it remains closely monitoring developments in the global oil market and is coordinating with relevant agencies to ensure that petroleum product prices remain fair, reasonable, and in accordance with existing laws. The department also assured the public that fuel quality and correct quantity standards continue to be enforced.

How will the latest fuel price increase affect transportation costs and household spending in the coming days?

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