Will diesel go up by PHP 7 per liter next week?

Last Tuesday, the big-time oil price rollback made diesel cheaper than gasoline again. But next week, it could be heading in the wrong direction...again.

According to PH Fuel Watch, diesel might go up by PHP 7.04 per liter, and PHP 2.74 per liter for gasoline. This could offset the price rollbacks imposed earlier this week and make diesel prices reach PHP 70 per liter once more.

The PH Fuel Watch Facebook page is a reliable source when it comes to price movements of oil products, as their recent predictions based on the MOPS trends have always come close to the adjustments that oil companies make every week.

Crude oil trading in the world market remains volatile as EU countries have failed to totally boycott Russian crude. According to Reuters, Brent crude and WTI closed at their highest since March 8 earlier this week. But since then, their latest price settled at USD 119.03 and USD 112.34 per barrel, which is about the same price when fuel rollbacks were imposed last Tuesday.

These significant day-to-day changes in crude oil prices make it hard for local oil players to announce early price advisories, unlike the previous weeks. Even the Department of Energy remains mum about the fuel price adjustments for next week.

Now might be a good time to save something extra for a full tank of fuel in case the new PH Fuel Watch's estimates take effect next Tuesday, March 29.