Oil Industry Source Says Another Round of Fuel Price Rollback Expected Next Week
According to an oil industry source, another round of fuel price rollback are 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 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.
Oil industry sources announced that oil prices are expected to go down further next week for the second straight week. The price adjustments are expected to take effect on Tuesday (November 1, 2022).
The Department of Energy-Oil Industry Management Bureau Director Rino Abad indicated a rollback of less than P1 for all petroleum products including gasoline, diesel, and kerosene.
According to oil companies, gasoline prices may go down by P0.30 to P0.60 per liter, diesel may be reduced by P0.60 to P0.95 per liter, and P0.10 to P.40 per liter of kerosene. However, the projected price adjustment is still subject to change.
Most gasoline stations usually announce fuel price adjustments every Monday and implement them on the following day.
The Energy Department has released the year-to-date total adjustments, which stand at P16.10 per liter of gasoline, P37.40 per liter of diesel, and P29.20 per liter of kerosene as of October 25, 2022.
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