Jamaine Punzalan

Motorists refuel at a gasoline station along Easte Avenue in Quezon City on February 22, 2022. Jonathan Cellona, ABS-CBN News/File

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TRANSPORTATION- OIL PRICE HIKE

Marilyn Cahatol

ABS-CBN News

<div><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/177093948837120220222-puv-modernization-ltfrb-protest-JC-013031150.jpg" style="width:960px" class="fr-fic fr-dib" width="960"/>Motorists refuel at a gasoline station along Easte Avenue in Quezon City on February 22, 2022. Jonathan Cellona, ABS-CBN News/File</div>MANILA — Oil prices are once again expected to increase in the third week of February due to the geopolitical tensions between the United States and Iran, the Department of Energy (DOE) said Friday. Based on the four-day trade monitoring in the Means of Platts Singapore, DOE Oil Industry Management Bureau Assistant Director Rodela Romero said the following increases could be expected next week. <ul><li>Gasoline – P0.95 per liter</li><li>Diesel – P0.10 per liter</li><li>Kerosene – P0.25 per liter</li><li> </li></ul>Romero said these still excluded premium operating costs, which could reach up to P0.40 to P0.50 per liter.The DOE official explained that the looming oil price hike was caused by the fear of possible supply disruption should the Strait of Hormuz, a major transportation route in the Middle East, be closed down. The US government also threatened to intercept tankers carrying Iran oil, Romero said. “Lahat iyan nagko-contribute para tumaas yung tinatawag na risk premium sa pag-angkat ng produktong petrolyo,” Romero said. &quot;Sa halip na normal lang, natatabunan yung fundamentals ng supply and demand. Marami tayong supply, pero dahil sa takot o risk na ito, tumataas ang presyo,&quot; she added.  <div><a href="https://www.abs-cbn.com/news/world/2026/2/5/common-foe-different-agenda-us-and-israel-diverge-on-iran-1103">Common foe, different agenda: US and Israel diverge on Iran</a></div>The official noted that Iran ranks third among global oil suppliers under the Organization of the Petroleum Exporting Countries (OPEC).The United States, meanwhile, produces the largest amount of oil among all countries. But its supply is scarce compared to its demand, prompting it to import from other oil-producing countries. “Kaya minsan, kapag naapektuhan yung oil trade ng USA, tumataas ang presyo kasi makikiagaw siya sa supply ng mundo,” Romero said. DOE assured that the agency continuously monitors local price adjustments to ensure they are solely due to changes in the global oil market, and not abuse. The agency said it also inspects gas stations to ensure the oil supply complies with standards on quality. <div><a href="https://www.abs-cbn.com/news/business/2026/2/9/oil-prices-up-in-2nd-week-of-february-0937">Oil prices up in second week of February</a></div>DOE Oil Industry Management Bureau Assistant Director Rino Abad, meanwhile, said the agency expects prices to go down for the rest of February up to March.

Oil prices are once again expected to increase in the third week of February due to the geopolitical tensions between the United States and Iran, the Department of Energy (DOE) said Friday.

Oil prices are once again expected to increase in the third week of February due to the geopolitical tensions between the United States and Iran, the Department of Energy (DOE) said Friday.

Oil prices expected to go up again in third week of February

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Oil prices expected to go up again in third week of February

Marilyn Cahatol,

ABS-CBN News

Published February 13, 2026 07:40 AM PHT

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Updated February 13, 2026 05:05 PM PHT

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Oil prices

Department of Energy

United States

Iran

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