Trade war, high demand bring mixed movement to oil prices

A gas attendant takes the pump to fill up a vehicle in Taguig City. Mark Demayo, ABS-CBN News

Gas pump

David Dizon

ABS-CBN News

<p>Increased oil demand from China and India plus US President Donald Trump&#x27;s sweeping tariffs on goods from Mexico, Canada and China will bring mixed movement on local pump prices next week, the Department of Energy said Friday.</p><p>Assistant Director Rodela Romero of the DOE Oil Industry Management Bureau said the following oil price adjustments will be implemented on February 11:</p><div><strong>Gas - no adjustment or decrease of P0.30/liter<br/></strong></div><div><strong>Diesel - P0.20-P0.50/liter decrease<br/></strong></div><div><strong>Kerosene - P0.10-P0.25/liter decrease</strong></div><p>Romero said Saudi Aramco’s announcement that it will raise oil prices for Asian buyers due to increased demand from China and India contributed to an increase in fuel prices.</p><p>Other factors affecting oil prices include a drop in OPEC production in January due to low production of Russia and Nigeria and US President Donald Trump’s decision to impose tariffs on goods from China, Mexico and Canada.</p><div><a href="https://www.abs-cbn.com/news/business/2025/2/2/us-tariffs-a-blow-to-the-world-economy-0756">US tariffs: A blow to the world economy</a></div><div><a href="https://www.abs-cbn.com/news/business/2025/2/3/trump-pauses-mexico-tariffs-as-last-ditch-canada-talks-continue-0138">Trump pauses Mexico tariffs as last-ditch Canada talks continue</a></div><div><a href="https://www.abs-cbn.com/news/business/2025/2/2/us-unveils-sweeping-tariffs-on-canada-mexico-china-0826">US unveils sweeping tariffs on Canada, Mexico, China</a></div>

<p>Increased oil demand from China and India plus US President Donald Trump's sweeping tariffs on goods from Mexico, Canada and China will bring mixed movement on local pump prices next week, the Department of Energy said Friday.</p>

Increased oil demand from China and India plus US President Donald Trump's sweeping tariffs on goods from Mexico, Canada and China will bring mixed movement on local pump prices next week, the Department of Energy said Friday.

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Trade war, high demand bring mixed movement to oil prices

Trade war, high demand bring mixed movement to oil prices

David Dizon,

ABS-CBN News

Published Feb 07, 2025 08:03 AM PHT

Read More:

oil prices

diesel

DOE

gasoline

kerosene

saudi aramco

donald trump

tariffs

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