OIL prices are projected to rise by as much as P1.40 per liter next week amid supply concerns.
In an advisory on Friday, Jan. 23, 2026, Jetti Petroleum president Leo Bellas said diesel prices could rise by P1.20 to P1.40 per liter, while gasoline prices may increase by thirty to fifty centavos per liter, based on Asian benchmark prices and foreign exchange movements on Thursday, Jan. 22.
The projected increase in gasoline prices would mark the third consecutive week of hikes, and the fifth for diesel.
“Worries of tightening near-term supply due to the temporary halting of production at two large oilfields in Kazakhstan and export constraints in the Black Sea are supporting the upward pressure on oil prices this week,” Bellas said.
Another factor is optimism over demand from China following better-than-expected economic growth data, along with the International Monetary Fund’s stronger economic growth forecast for 2026.
Bellas noted that “oil prices have remained volatile despite the easing of worries over potential supply disruptions from the Middle East due to lingering concern of a US military intervention in Iran.”
“Geopolitical tensions continue to have a significant impact on the prices of diesel and middle distillates,” said Bellas, adding that this is further supported by reports of a sharp rise in demand from the US and higher demand from Europe due to the colder temperatures sweeping the continent. /PNA