Possible Pump Price Rollback Expected Next Week, Petroleum Group Says
PUMP PRICE ROLLBACK – A petroleum group sees a rollback on prices of petroleum products next week after few weeks of big-time price hike.
On Wednesday (March 16, 2022), the Independent Philippine Petroleum Companies Association (IPPCA) head eyes a rollback on petroleum prices next week. The price reduction is seen to be from P2 to P3 per liter.
IPPCA chairman emeritus Dr. Fernando Martinez said that the price adjustment may still vary and it still subject for change.
“More or less mga P3 [per liter] sa ngayon ha, pero hindi mo masasabi kasi hanggang Friday pa ‘yan eh. Basta maganda pababa, mga P2 to P3 as of today,” Martinez said.
Meanwhile, the price adjustment of liquefied petroleum gas (LPG) will be known by the end of the month.
Numerous oil companies in the country have imposed another big-time oil price hike last Tuesday (March 15) hitting P84.55 per liter in several parts of the country. The recent price increase marked the 11th straight week of hike.
Meanwhile, DOE Energy’s Oil Industry Management Bureau (OIMB) Director Rino Abad also sees A big-time price rollback next week due to the decreasing prices of crude oil due to various events in the world.
“The price of crude oil is actually very volatile, but it kept on increasing because of the sustained pronouncement from UK, US, European Union (on) sanctions against Russia. (This was) coupled with recent surges of COVID-19 in Singapore, but notable in China which imposed a massive lockdown. Those are the two main (drivers) this week in the recent report that immediately provided us reasons why the crude oil prices immediately went down from a day’s transaction, last week versus yesterday morning,” Abad said.
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