Consumers can expect another oil price hike of as much as P1.50 per liter next week amid elevated geopolitical and military risks in the Middle East that could impact global supply.
Based on the movement of the Mean of Platts Singapore and foreign exchange averages, Jetti Petroleum forecasts that diesel prices may increase by P1.30 to P1.50 per liter, while gasoline may rise by P0.50 to P0.70 per liter.
The Department of Energy (DOE) also expects kerosene prices to increase by approximately P0.45 per liter.
This marks the fourth consecutive week of price hikes across all petroleum products following a U.S. attack on Venezuela earlier this month.
Separately, Regasco announced an increase in liquefied petroleum gas (LPG) prices by P1.50 per kilogram effective Feb. 1, citing a $20 increase in the international contract price.
Jetti Petroleum President Leo Bellas said that in addition to Middle East concerns, rising U.S.-Iran tensions ‘‘including new sanctions on Iran’s “shadow fleet” and visible U.S. force deployment’’ have increased uncertainty regarding Iranian supply and regional stability.
‘‘Also supporting prices is the ongoing outage at Kazakhstan’s biggest oilfield, which continues to physically tighten near-term supply,’’ Bellas said.
He added that a major U.S. winter storm has further curtailed oil and gas production, injecting short-term upside risk into crude markets.
Meanwhile, diesel and middle distillate prices are rising due to concerns that a European Union import ban on refined Russian-origin crude could disrupt flows. Bellas noted, however, that healthy regional supply and inventory levels have limited the upside for gasoline prices.
Rodela Romero, director of the DOE Oil Industry Management Bureau, said oil prices rallied this week as traders priced in weather-driven U.S. supply disruptions that shut in as much as 2 million barrels per day.
Other factors include the slow recovery of Kazakhstan’s Tengiz field following a power issue, a rising Iran risk premium, and the OPEC+ policy to pause output hikes.
On Jan. 27, oil firms increased the price of diesel by P1.40 per liter, gasoline by P0.40 per liter, and kerosene by P0.80 per liter.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have not yet decided on a production increase policy; Romero said the organization is set to meet in February. Diesel users have seen consecutive price increases since the start of 2026, with the net increase reaching P3.80 in January alone.
During the same period, gasoline and kerosene prices rose by P1.60 and P2.70, respectively.
