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Oil Industry Source Says Another Pump Price Rollback Seen Next Week

Oil Industry Source Says Another Pump Price Rollback Seen Next Week

Another Pump Price Rollback Seen Next Week, According an Oil Industry Source

FUEL PRICE ROLLBACK – An oil industry source said that another pump price rollback is expected 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 over the previous 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.

Pump Price Rollback

Filipino motorists can sigh a relief for another round of rollback in the pump prices of petroleum products starting next week. It would follow the big-time price reduction implemented this week.

According to an industry source, the price of gasoline may go down by P4.70 to P4.90 per liter, diesel will be slashed by P1.70 to P1.90 per liter. The date has been based on the oil trading data from July 11-14. 2022.

However, the estimated price changes are still subject to change. Gasoline stations in the country usually announce price adjustments every Monday and impose changes every Tuesday.

Pump Price Rollback

Department of Energy-Oil Industry Management Bureau Director Rino Abad explained that the possible rollback was due to the intermittent lockdowns in China as well as the interest rate hikes in the US and other countries.

The Department of Energy has also released the latest year-to-date adjustments showing the total net increase, which stands at P24.30 per liter of gasoline and P36.80 per liter of diesel as of July 12, 2022 (Tuesday).

What can you say about the looming price reduction? Just feel free to leave your comments and reactions to this article.

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