Marilyn Cahatol

Motorists queue for fuel at a gas station in Quezon City on April 19, 2022, after another oil price hike. The price hike resumes after two weeks of rollback as the price of crude oil remains volatile in the world market. Mark Demayo, ABS-CBN News

Article (news)

OIL-PRICE-HIKE

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px;display:block" width="960"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/177154272371220220419-oil-rice-hike-MD-035 (1).jpg" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left">Motorists queue for fuel at a gas station in Quezon City on April 19, 2022, after another oil price hike. The price hike resumes after two weeks of rollback as the price of crude oil remains volatile in the world market. <em>Mark Demayo, ABS-CBN News </em></span></span></span></div><p>MANILA — The month of February is expected to close with a mixed movement in oil prices still due to geopolitical tensions in the United States, Iran, Russia, and Ukraine, the Department of Energy (DOE) said Friday. </p><p>Based on the trade monitoring in the Means of Platts Singapore, DOE Oil Industry Management Bureau Assistant Director Rodela Romero said gasoline could decrease by P0.45 per liter, while diesel and kerosene could increase by P0.05 and P0.10 per liter, respectively. </p><p>Romero noted that the prices could still change based on the Friday trading amid sharpening rhetoric from President Donald Trump on Iran suggesting a military strike was more likely.</p><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/4Co8DO3CNpc?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><div><a href="https://www.abs-cbn.com/news/nation/2026/2/19/white-house-tells-iran-to-do-deal-as-trump-hints-at-us-strikes-1055">White House tells Iran to do deal as Trump hints at US strikes</a></div><p>Iran and Russia have also conducted joint naval exercises this week, as reported by the Iranian state-owned media, IRNA.</p><p>Romero explained that the geopolitical tension in the Middle East affects the oil prices as it prompts the closing of parts of the Strait of Hormuz, where majority of the marine vessels transporting crude products pass. </p><p>A route in Africa may be used as an alternative, but it is longer and poses greater risk due to the presence of pirates, Romero noted. </p><p>“Dahil dun sa mga ganung pangyayari, tataas yung risk premium na tinatawag sa produktong petrolyo kasi ibig sabihin, tataas ang insurance niyan, tataas ang risk cost,” she said. </p><p>— <strong>With a report from Agence France-Presse</strong></p><div><a href="https://www.abs-cbn.com/news/business/2026/2/17/oil-in-spotlight-as-trump-s-iran-warning-rattles-sleepy-markets-1623">Oil in spotlight as Trump&#x27;s Iran warning rattles sleepy markets</a></div><div><br/></div><div><strong> </strong></div>

<p>The month of February is expected to close with a mixed movement in oil prices still due to geopolitical tensions in the United States, Iran, Russia and Ukraine, the Department of Energy (DOE) said Friday, Feb. 20.</p>

The month of February is expected to close with a mixed movement in oil prices still due to geopolitical tensions in the United States, Iran, Russia and Ukraine, the Department of Energy (DOE) said Friday, Feb. 20.

Diesel, kerosene seen to go up last week of February

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Diesel, kerosene seen to go up last week of February

Marilyn Cahatol,

ABS-CBN News

Published February 20, 2026 08:03 AM PHT

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Updated February 20, 2026 03:57 PM PHT

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Oil prices

Iran

United States

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