Another oil price hike is expected next week—By April 26, 2022

After a few rollbacks, there are reports of fuel prices going back to the upper levels as seen in late March and a few weeks prior to now. With the prices of fuel hovering around the high 60s to low 70s, motorists are advised to gas up over the weekend. 

As such, fuel up over the weekend, especially for diesel-powered vehicles like pickups and SUVs. Gasoline will get a marginal increase in comparison, but either cars or motorcycles should look to fuel up before gas stations start charging more on Tuesday, April 26, 2022. 

According to Fuel Watch PH, who took their data estimates from the Mean of Platts Singapore (MOPS), we could see a fuel price increase by April 26, 2022. The Facebook page also indicates that these figures are subject to change based on the fluctuations in the global market as well as the volatility of the market. 

The post details that diesel prices may increase to P4.34 per liter, while gasoline could go up by P2.83 per liter next week. As stated earlier, the price increase could be subject to change over the weekend. 

Fuel prices will continue to rise, given a few key situations around the globe. Russia’s invasion of Ukraine is a major contributing factor to the rising oil prices across the globe. The market volatility is linked to the European Union weighing a ban on Russian crude oil, which will heavily shift fuel prices up. 

Apart from that, Libya is facing a political crisis that is hampering the nation’s ability to produce oil. Tribal leaders in the southern part of the country have shut down the largest oil field, and blockades have been set up at major fields and export terminals. The net effect of the country’s internal issues is a total loss of 550,000 barrels of oil lost per day. 

China is also slowly bouncing back from the pandemic and starting to ramp up its production once again, which will put more pressure on the already limited supply of oil in the global market.