MANILA (UPDATE ) — Fuel prices are set to increase after Valentine’s Day amid an increase in global oil prices, the Department of Energy said Friday. 

Assistant Director Rodela Romero of the DOE Oil Industry Management Bureau said price increases may be implemented on February 18, based on 4 days of trading of Mean of Platts Singapore and relevant oil markets.

Based on the average prices from Monday to Thursday this week, prices of all fuel products are heading north: 

Gasoline    P0.49/L⬆️ 

Diesel        P0.34/L⬆️ 

Kerosene   P0.13/L⬆️

Jetti Petroleum President Leo Bellas said there is no chance that prices in the Mean of Platts Singapore will go down today, so it is already safe to assume that there will be another oil price hike next week.

Bellas said the main reason for the increase is uncertainty in supply in Asia due to US sanctions on Iran and Russia.

The increase, Bellas said is actually tempered by the tariff issues in the US and the possible peace accord between Russia and Ukraine.

MERALCO ACCUSED OF OVERCHARGING

Meanwhile, consumer group NASECORE accused Meralco of overcharging consumers. 

NASACORE President Pete Ilagan has written the Energy Regulatory Commission to ask for a probe into what he said is suspected overcharging by Meralco.

According to Ilagan, his bill indicates that the distribution charge is more than P2.00/kwh while Meralco's average is only P1.35/kwh

Ilagan computed that Meralco needs to return P200 billion if the ERC finds out about the alleged overcharging.

ERC Chairperson Monalisa Dimalanta has referred Ilagan's complaint to its technical people to determine if indeed Meralco is overcharging consumers. 

Oil prices fall ahead of Valentine's Day

But Meralco spokesman Joe Zaldarriaga explained that Meralco's distribution rate differs, depending on the type of customers. The higher the consumption, the higher the rate is, he added. 

Zaldarriaga said Ilagan should not go around besmirching Meralco's reputation since overcharging is a grave accusation.

Meralco is confident that the ERC will side with them as all rates have been approved by the regulator years ago.