Oil Companies Say Possible Oil Price Rollback Expected Next Week
PUMP PRICE ROLLBACK – Several gasoline stations in the country are expected to impose another oil price rollback next week.
Over the past few months, 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.
The consecutive oil price hike during the past few months contribute to the daily burden of Filipino people especially to those who were in public transport sector. Price rollbacks can somehow ease the struggles of Filipino drivers.
Recently, some oil companies in the Philippines announced that there will be a possible rollback on prices of petroleum products including gasoline, diesel and kerosene. It will mark the third price rollback this year.
According to a source in oil industry, the prices of gasoline is expected to go down by P1.00 – P2.00 per liter, P0.50 – P1.00 per liter of diesel. The firms have yet to release further updates regarding the price of kerosene.
Meanwhile, the countries under the International Energy Agency to release 60 million barrels of petroleum products within the next six months to counter the 180 million barrels released by the United States in March 2022.
According to an expert, it could prevent the Organization of the Petroleum Exporting Countries (OPEC) and other oil producers to impose price hike. However, it could not guarantee to resolve the lack of fuel supply from Russia.
Last Friday (April 8, 2022), the US Congress vote to ban the oil, gas and coal import from Russia. The European Union has also studied the matter.
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