DOE anticipates oil price hike, cites global factors

The Department of Energy (DOE) anticipates an oil price increase next week, citing recent trading trends and geopolitical tensions such as the Russia-Ukraine war and US-China trade talks.

Assistant Director Rodela Romero noted that higher demand growth and significant reductions in U.S. commercial crude inventories contribute to rising prices; however, the exact amount of the price hike may be less than P1 per liter based on early trading data.

Motorists are advised to conserve fuel by purchasing from cheaper gas stations while the DOE will continue collaborating with other agencies such as the Departments of Agriculture and Transportation to provide subsidies to affected sectors.

The Energy Department issues certifications when crude prices exceed $80 per barrel, ensuring that mitigating measures can be promptly enacted.

Romero emphasized that regular compliance checks on fuel quality standards are ongoing, and a DOE-Department of Justice task force is monitoring for any abuse in pricing despite the deregulated environment.