Price forecast: Diesel could increase by PHP 2.70 next week

Earlier this week, oil companies imposed a huge PHP 6.85 price hike on diesel after OPEC+ announced it will cut oil production by 2 million barrels per day beginning next month. Gasoline also received an increase in price but it was slightly lower at just PHP 1.20 per liter.

As another week is coming to an end, there’s that question as to whether oil prices will either increase or decrease next week. Unfortunately, motorists will once again have to tighten their wallets as oil prices are expected to go up.

Based on reports, diesel could climb between PHP 2.40 to 2.70 per liter. On the other hand, gasoline might go up to PHP 0.60 to 0.90 per liter. While the estimated price hike may not be as big compared to this week’s increase, it’s still another blow to cash-strapped motorists and businesses.

Should these estimates be accurate, the price of diesel will climb to over PHP 9 per liter in just a span of two weeks. Meanwhile, gasoline prices could hike to over PHP 2 per liter after just two weeks of price movements. Combined with high inflation, the weakening Peso, and the high price of basic commodities, the projected increase in oil prices next week will surely be another bitter pill for consumers to swallow.

In case your fuel tanks are already at half, we highly suggest you visit your nearest preferred filling station before another round of price hikes surprises motorists next week.