Manila: The Department of Energy (DOE) on Monday assured the public of continued coordination with stakeholders amid the sustained rise in oil prices. Oil firms have announced another price hike on Tuesday between PHP0.70 to PHP1.40 per liter, marking the fourth consecutive week of across-the-board increases. DOE, in a statement, noted that the anticipated increase could reach up to PHP1.50 per liter this week.
According to Philippines News Agency, the DOE has attributed this rise to recent developments in the international oil market, which have led to elevated benchmark prices, specifically in Dubai and the Mean of Platts Singapore (MOPS). The statement highlighted that global market dynamics are exerting upward pressure on petroleum prices. A limited production increase announced by OPEC+ on September 7, 2025, of just 137,000 barrels per day beginning October has significantly constrained supply and tightened markets compared to previous monthly hikes of over 400,000 barrels per day.
Moreover, the DOE identified the renewed escalation of the Russia-Ukraine conflict as a major contributing factor. This conflict has disrupted Russian refining infrastructure, affecting roughly 17 percent of its processing capacity, and has damaged the vital Druzhba pipeline, further unsettling European energy flows. An additional factor contributing to volatility is the reinstated sanctions by the US on 13 entities and eight vessels involved in illegal Iranian oil shipments, targeting approximately 1 million barrels per day of exports.
Amid these developments, the DOE reassures the public that it is closely monitoring global oil price movements and is actively engaging with industry stakeholders to mitigate impacts on consumers. The Department also encouraged motorists and the public to adopt fuel-saving habits. These practices include proper vehicle maintenance, avoiding unnecessary idling, and planning trips efficiently, which can significantly reduce fuel consumption and costs.
