Oil Firms Announces Pump Price Rollback This Week
Several oil companies are set to implement a pump price rollback this week after 11 weeks of consecutive hikes.
During this modern generation, the prices of petroleum products play a very important role to the country’s economy. Pump price adjustment usually causes significant impact on prices of products and services in the country.
Pump price hike contributes to the burden of Filipino people especially to those who were using public vehicles for a living and to individuals using private vehicles to reach their point of destination.
On Monday (March 21, 2022), various gasoline stations in the Philippines announced a price adjustment on prices of petroleum products including gasoline, diesel and kerosene. However, the price rollback will not be enough to offset the 11 weeks of price increases.
Pilipinas Shell Petroleum Corp. and Seaoil Philippines Inc. released advisories announcing a P5.45 cut per liter of gasoline, P11.45 per liter of diesel and P8.55 per liter of kerosene.
Petro Gazz will impose similar changes except for kerosene which it does not carry. These oil firms will implement the price adjustment at 6 a.m. on Tuesday (March 22, 2022).
However, other oil companies have yet to make similar announcements later this week.
The expected rollback ends the 11 straight weeks of increases but it will not be enough to offset the hikes for last two months. Domestic firms decide to impose temporary rollback to give a slight reprieve from the successive hikes.
The Department of Energy (DOE) released the latest data available showing the year-to-date net increase. The data shows a total increase of of P20.35 per liter of gasoline, P30.65 per liter of diesel and P24.90 per liter of kerosene.
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