MANILA – After nearly two months, oil prices are set for another increase, ahead of the resumption of in-person classes and preparations for the influx of passengers expected next week.
Diesel prices are expected to increase by P2.50 to P2.80 per liter next week, while kerosene rates are set for a P2.70 to P2.80 increase.
Gasoline prices will have a slight increase estimated between P0.40 to P0.70.
According to industry estimates, the demand for oil is starting to pick up.
Lesser demand, paired with China lockdowns and reeling consumers due to looming economical recession factored into rollbacks over the past few weeks.
Most schools are set to resume in-person classes after two years of distance learning methods due to the COVID-19 pandemic.
The Land Transportation Franchising and Regulatory Board recently allowed the operation of more routes suspended due to the pandemic.
However, transport groups have pointed out that such routes are not enough, on top of the number of drivers quitting due to the surge in gasoline prices brought by the conflict between Ukraine and Russia. – Report from Alvin Elchico, ABS-CBN News