Earlier this week, motorists were greeted by a massive price increase in both diesel and gasoline. Diesel shot up PHP 2.10 per liter while gasoline went up PHP 2.90 per liter. This resulted in motorists having to deal with higher fuel prices during the first week of 2023.
With another week coming to a close, motorists are once again anticipating another fuel price adjustment next week. The question now is whether gasoline or diesel prices will go up once more or will they actually come down. Fortunately for motorists, fuel prices are seen to roll back on January 10.
According to an oil industry source, diesel prices could go down between PHP 2.10 to PHP 2.40 per liter. On the other hand, gasoline may become cheaper by PHP 0.20 to PHP 0.50 per liter. Should these estimates ring true next week, it will undo the price increase on diesel while it will only slightly decrease the price hike that gasoline received recently.
Currently, the price of Brent crude oil is hovering around USD 79 per barrel. This is slightly lower compared to last week's prices which were around USD 82 to 83 per barrel. While fuel demand is expected to grow since China lowered its restrictions, analysts are still worried that demand will go down as active cases continue to rise in the People's Republic. Given the country's economic influence globally, it's not surprising many are worried.
With the first week of 2023 ending soon, those who still have some fuel left in the tank may want to save as much as they can before the expected rollback takes place on January 10 next week.