Fuel Forecast: Gas & diesel prices likely to increase Jan 17

Minor price increase for gasoline and diesel expected next week

Earlier this week, motorists were greeted with a price rollback after oil players lowered the prices of gasoline and diesel. The former received a PHP 0.75 price decrease while the latter became cheaper by PHP 2.80 per liter.

While those aren't exactly big figures, every rollback helps especially cash-strapped motorists that need to make the most out of every drop of fuel. But with another week coming to a close soon, what can motorists expect to happen next week?

Unfortunately, a price hike is expected to happen and both gasoline and diesel fuels will receive an increase. Our friends from PH Fuel Watch estimated that diesel will only get a PHP 0.40 price hike while gasoline could fetch a slightly higher price due to a PHP 0.50 per liter increase.

Currently, the price of Brent crude oil is averaging USD 84 per barrel. Compared to last week, it's only higher by about USD 1 to 2. With fuel demand expected to rise in China following the end of strict restrictions, there could be more price hikes in the coming weeks. But with fears of a global recession still floating in the air, rollbacks can still happen, too.

In case you need a reason to fill up as early as now, next week's expected price hike is a sign you might want to visit your nearest filling station as soon as possible.