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Motorists queue for fuel at a gas station in Pasig City on October 10, 2022. Mark Demayo, ABS-CBN News
MANILA - Oil prices are projected to increase for the third straight week, as demand for oil continues to pick up with lockdowns easing globally.
Gasoline prices will take the biggest estimated increase at P1.30 to P1.50 per liter, while diesel prices will likely up by P0.85 to P1.15 per liter.
The price of kerosene is expected to increase by P1.10 to P1.50 per liter.
"Historically na itong panahon na it,o dapat pababa na dahil pagkatapos ng Pasko, nawala na ang [demand]. Unfortunately, may ibang factors pa noong nakaraan kaya bumababa dahil sa zero COVID policy ng China. Pero kung ngayon, despite na may virus sila, nag-open up na ang ecomooy nila so tumaas ang demand ng petroleum products," DOE Assistant Director Rodela Romero said in an interview on TeleRadyo.
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The contributing factor remains to be the recovering economy in China as they ease their lockdown restrictions further.
Despite the waves of increase in the last three weeks, Jetti Petroleum President Leo Bellas doubts oil prices will hit P80 per liter.
"Sa tingin namin, mukhang di naman aabot nang ganun kasi may resistance. Kasi yung pagtaas ng crude, mabilis pagsirit, pero nag-stagnate din eh," Bellas said.
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