Mixed Oil Price Adjustment Expected Next Week, Oil Firms Say
PUMP PRICE ADJUSTMENT – Various gas stations in the country announced a mixed oil price adjustment starting next week.
Over the past few decades, 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 usually contribute to the daily 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 but price rollbacks can somehow ease the struggles of Filipino drivers.
Different oil companies in the Philippines told Filipino motorists to expect another pump price change next week. Oil prices will have a mix adjustment for (August 2-8, 2022) trading week.
According to an oil industry source, the price changes next week have been cited from oil trading monitoring in the past four days (July 25-28) based on the Mean of Platts Singapore (MOPS).
The source said that Filipino motorists can expect an additional P0.50 to P0.70 per liter of gasoline but diesel prices may go down by P1.00 to P1.20 per liter.
However, the projected oil price adjustments are still subject to change, which varies on the movement of trading. Oil firms usually make an official announcement regarding pump price adjustments every Monday and implement it on the following day.
The Department of Energy has also released the year-to-date total adjustments that stand at P18.90 per liter of gasoline, P32.95 per liter of diesel, and P28.05 per liter of kerosene.
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