Motorists to Sigh a Relief for Possible Big-Time Pump Price Rollback Next Week
OIL PRICE ADJUSTMENT – Various oil firms in the country announced a possible big-time pump price rollback starting 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.
Several oil companies in the Philippines announced a possible rollback on prices of petroleum products including gasoline, diesel, and kerosene after consecutive weeks of increase. The price rollback will give relief to the struggling Filipino motorists.
According to an oil industry source, oil prices will roll back by P4 to P6 per liter. The prices of gasoline will be reduced by P5.70 to P5.90 per liter while the prices of diesel will go down by P6.30 to P6.50 per liter.
Department of Energy-Oil Industry Management Bureau Director Rino Abad also confirmed the big-time price reduction next week. Abad said that the expected price rollback was due to various reasons.
Abad explained that the lockdown in Shanghai, China, interest hikes by various countries, and the threat of recession were the main reasons for a possible price reduction.
However, the expected price adjustments are still subject to change. Gasoline stations usually make an announcement every Monday and implement price changes every Tuesday.
DOE also released the latest data available showing the year-to-date adjustments, which stand at a total net increase of P42.90 per liter of diesel and P30.00 per liter of gasoline.
What can you say about the looming pump price cut? Just feel free to leave your comments and reactions to this article.
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