Earlier this week, we’ve seen a slight rollback in fuel prices: PHP 2.80 for diesel, while gasoline prices dropped PHP 0.75. Unfortunately, industry experts are suggesting that the 3rd week of 2023 will not enjoy the same fuel price rollback.
According to recent reports, fuel prices are expected to go up next week, January 17, with diesel pump prices set to supposedly increase by PHP 0.40, while gasoline pump prices are expected to go up PHP 0.50.
As of this writing, the average price per barrel of Brent Crude Oil is at USD 84.00, or about USD 2.00 higher compared to last week.
Reports also indicated that fuel demand is expected to increase in China, following the end of restrictions and the celebration of the Lunar New Year. That being said, we might expect more fuel price hikes in the next few weeks.