Details about the Oil Price Hike Forecast for Next Week
OIL PRICE HIKE – Another round of increase on the prices of diesel, gasoline, and kerosene are expected on Tuesday, January 31, 2023.
The changes in the prices of gasoline, diesel, and kerosene are among those that affect a lot of people. Many of those who are greatly affected when changes take place in oil prices are private vehicle owners and drivers of public utility vehicles (PUVs). These can affect the budgeting of the former and the income of the latter.
In the previous year, there were months when the Philippines was greatly affected by the global oil problem. The crisis that affected several nations across the globe was reported to have been triggered by the war between Russia and Ukraine.
Meanwhile, in the mid of 2022, things quite improved as the series of oil price hike scenarios stopped and there were drops in the costs of oil. However, as often reiterated by the Department of Energy, the prices of oil products are really market-based.
Often times, in PH, there are already forecasts about the possibility of an oil price hike or rollback in the week prior to the expected implementation of the increase on the costs. Most gasoline stations usually make the confirmation on a Monday and the changes are implemented the following day.
For next week, based on a report on ABS-CBN News, an oil price hike is expected. The following range of increases are expected on the costs of diesel, gasoline, and kerosene on Tuesday, January 31, 2023:
- Gasoline – P1.30 to P1.50 per liter
- Diesel – P0.85 to P1.15 per liter
- Kerosene – P1.10 to P1.50 per liter
According to Department of Energy (DOE) Assistant Director Rodela Romero, the opening of the economy in China is a factor in the increase of the demand for oil. The Chinese government eased their lockdowns unlike its previous zero COVID policy in China.
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