Diesel, gasoline prices increase slightly week of January 17

Motorists should note a slight increase in fuel prices beginning Tuesday, January 17.

Both diesel and gasoline are expected to be between Php 0.50 and Php 0.90 per liter more expensive

PH Fuel Watch announced over its Facebook page that diesel prices will be between Php 0.50 and Php 0.90 per liter more expensive at the pumps. Meanwhile, gasoline prices will also hike by a minimum of Php 0.50 and a maximum of Php 0.90 per liter.

In its fuel forecast for the week, independent oil player Unioil projected that the price of its diesel products could rise by Php 0.40 to Php 0.60 per liter. Cleanfuel announced that it will be implementing a Php 0.50 per liter increase for diesel and a Php 0.95 per liter increase for gasoline, effective 4:01 p.m. Tuesday. 

This follows fuel price movements for the previous week where prices for diesel, gasoline, and kerosene rolled back by up to Php 2.80, Php 0.75, and Php 2.10 per liter, respectively. These effectively broke the three-week streak of price increases of both gasoline and kerosene, apart from stopping two straight weeks of price hikes for diesel.    

According to data from the Department of Energy, total year-to-date adjustments have resulted in a Php 2.15 per liter net increase for gasoline and Php 0.95 per liter for kerosene. Meanwhile, diesel has had a net decrease so far of Php 0.70 per liter.  

China has increased its purchases of crude oil in recent days as it repoens its economy

The rates are based on world oil trading from January 9 to 13, with increasing global demand cited as the reason for the upward trend in prices. China in particular has been reopening its economy amidst a surge in COVID-19 cases as the Lunar New Year approaches.

At the time of this report, West Texas Intermediate (WTI) futures traded at $78 (Php 4,262) per barrel, with an expected gain of six percent for this week. This was encouraged by an improved outlook for China, which recently increased its purchases of crude oil with an anticipated surge in consumption as the country leaves behind its zero-COVID policy.         

In December, the Organization of Petroleum Exporting Countries (OPEC+) reaffirmed its decision to limit global oil supplies by 2 million barrels per day, a move expected to last until the end of 2023.

View more fuel price trends at Philkotse.com.