Fuel Price Rollback Expected Next Week, According to Oil Industry Sources
OIL PRICE ROLLBACK – The oil industry sources are expecting fuel price rollback next week after two straight weeks of increases.
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 contributed to the daily burden of Filipino people, especially those who were in the public transport sector. Price rollbacks can somehow ease the struggles of Filipino drivers.
Various oil companies in the Philippines eye a rollback on the price of petroleum products such as gasoline, diesel, and kerosene starting next week. The possible price reduction comes after two weeks of price hikes.
According to an oil industry source gasoline prices are expected to go down by P0.20 to P0.50 per liter, diesel will be slashed by P0.40 to P0.70 per liter and P0.60 to P0.90 per liter of kerosene. The projected oil prices were based on the oil trading over the past four days (October 17 to 20).
Oil Industry Management Bureau (OIMB) Director Rino Abad said that there is a high indication of a rollback next week, which will be less than P1 per liter. “Mataas ang indikasyon na magkaka-rollback next week Abad said.
Oil firms usually make price adjustments every Monday and implement them the following day.
The Department of Energy has released the year-to-date adjustment, which stands at a total net increase of P16.45 per liter of gasoline, P38.50 per liter of diesel, and P29.65 per liter of kerosene.
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