The Department of Energy (DOE) said mixed movement to local pump prices expected next week.

DOE Oil Industry Management Bureau, Assistant Director Rodela Romero said the following price adjustments may be implemented on February 25, based on 4 days of trading of Mean of Platts Singapore.

Gasoline – increase of P0.40-P0.70/liter

Diesel – rollback of P0.10 or increase of P0.20/liter

Kerosene – no adjustment or increase of P0.10/liter

Romero said the price adjustments are due to fears of a supply disruption following a drone attack on a pumping station in southern Russia. Russian authorities said the drone attack reduced oil flows through the Caspian Pipeline Consortium (CPC) by 30-40%.

G7 countries are also considering tightening the price cap on Russian oil to pressure Moscow to continue peace talks with Ukraine. This may affect India and China, who are major buyers of Russian oil.

OPEC member countries are also delaying the increase on production, the DOE said.