Fuel Forecast: Gas, diesel prices expected go up beyond PHP 2

If you’re thinking about filling up just before New Year’s Eve, better do it as soon as possible.

Earlier this week, oil players imposed mixed fuel price adjustments wherein diesel prices went down PHP 0.20 per liter. On the other hand, the price of gasoline and kerosene went up by PHP 0.95 and 0.50 per liter, respectively.

With 2022 coming to a close, motorists are eager to know if fuel prices will increase or decrease. Unfortunately, both gasoline and diesel prices are expected to go up on January 3, 2023.

Based on current estimates from the Mean of Platts Singapore (MOPS), diesel prices could increase to PHP 2.60 per liter. Meanwhile, gasoline prices are expected to go up as well at PHP 2.42 per liter. Last but not least is kerosene which could see an increase of PHP 3.05 per liter next week.

The expected price hike next week is caused by the continued Ukraine-Russia conflict and the increased demand for heating fuel due to the winter season in other countries. While demand for oil in China dropped anew due to the increase of active cases in the country, the volatile situation of the fuel market will continue to cause a seesaw effect in fuel prices that will be carried over to 2023.

With the last day of 2022 tomorrow, those that want to fill up better visit their preferred stations before the celebrations.