Oil Price Rollback Expected Next Week, Gas Stations Say
Several gas stations to impose oil price rollback starting next week after back-to-back weeks of hefty fuel price hikes.
Throughout the years, 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.
Various oil companies are expected to implement a rollback on prices of petroleum products including gasoline, diesel and kerosene. The rollback will give Filipino motorists a break from back-to-back weeks of hefty pump price increases.
Philippine Petroleum Companies Association founding chairman Fernando Martinez confirmed the possible price drop next week. Cleanfuel projected P2.70 per liter rollback for gasoline prices and a P1.30 decrease per liter of diesel.
The price of kerosene is expected to go down by P1.55-P1.85 per liter. The pump price reduction has been announced after two weeks of hikes. However, the projected price changes are still subject to change.
Oil firms usually make an announcement every Monday and implement it on the following day.
The Department of Energy released the latest data available who the year-to-date net increase. The total net increase stands at P19.55 per liter of gasoline, P37.80 per liter of diesel, and P33.20 per liter of kerosene as of Tuesday (August 30, 2022).
What can you say about the looming price rollback? Just feel free to leave your comments and reactions to this article.
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