Fuel prices seen to rise next week

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January 31, 2026 | 12:00am

MANILA, Philippines — Motorists are likely going to see another round of fuel price increases next week, amid weather-related disruptions and geopolitical risks that could affect supply.

Local industry experts are projecting a P0.50 to P0.70 per liter hike in gasoline prices and P1.30 to P1.50 per liter increase in diesel prices next week.

Meanwhile, kerosene prices may go up by P0.45 per liter.

Department of Energy-Oil Industry Management Bureau assistant director Rodela Romero said fuel prices are likely to go up after oil refineries in the United States were disrupted by a severe winter storm.

“Oil rallied for three straight sessions (Jan. 27 to 29) as traders priced in weather-driven US supply disruption that shut in as much as two million barrels per day output,” Romero said.

She also cited the slow recovery of Kazakhstan’s Tengiz field after the fire or power issue; rising Iran risk premium; and the OPEC+ policy to pause its output hikes.

“Elevated geopolitical and military risk in the Middle East amid rising US-Iran tensions, including new sanctions on Iran’s shadow fleet and a visible US force deployment, have increased the uncertainty around Iranian supply continuity and broader stability in the region, providing a significant upside support to crude prices,” Jetti Petroleum president Leo Bellas said.

Oil firms are set announce the fuel price adjustments on Monday.

The price changes will take effect on Tuesday.

Earlier this week, oil firms announced price hikes of of P0.40, P1.40 and P0.80 per liter for gasoline, diesel and kerosene, respectively.