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Oil prices projected to increase anew on Jan. 31

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Motorists queue for fuel at a gas station in Pasig City on October 10, 2022. Mark Demayo, ABS-CBN News" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/news/12/17/20221010-oil-price-hike-md-7.jpg"/><figcaption>Motorists queue for fuel at a gas station in Pasig City on October 10, 2022.<em> Mark Demayo, ABS-CBN News</em></figcaption></figure></div><p>MANILA - Oil prices are projected to increase for the third straight week, as demand for oil continues to pick up with lockdowns easing globally. </p><p>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.</p><p>The price of kerosene is expected to increase by P1.10 to P1.50 per liter. </p><p>&quot;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,&quot; DOE Assistant Director Rodela Romero said in an interview on TeleRadyo. </p><p>The contributing factor remains to be the recovering economy in China as they ease their lockdown restrictions further.</p><p>Despite the waves of increase in the last three weeks, Jetti Petroleum President Leo Bellas doubts oil prices will hit P80 per liter. </p><p>&quot;Sa tingin namin, mukhang di naman aabot nang ganun kasi may resistance. Kasi yung pagtaas ng crude, mabilis pagsirit, pero nag-stagnate din eh,&quot; Bellas said. </p><div><strong>-- Report from Alvin Elchico, ABS-CBN News </strong></div><div><strong>KAUGNAY NA VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2438484" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

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.