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.

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

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.