Gas Stations Say Big-Time Oil Price Rollback Expected Next Week
FUEL PRICE ADJUSTMENT – Various oil companies in the country were expecting a big-time oil price rollback next week.
Fuel prices 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.
Several gasoline stations in the Philippines announced that they were expecting a big-time rollback on prices of petroleum products such as gasoline, diesel, and kerosene after several rounds of mixed adjustments over the past few weeks.
According to an oil industry source, the price of gasoline may go down by P0.90 to P1.10 per liter and P2.20 to P2.40 per liter of diesel.
Unioil Petroleum Philippines has also released a fuel price forecast for November 22 to 28, 2022. The firm announced that gas prices might roll back by P0.80 to P0.90 per liter and diesel by P2.10 to P2.30 per liter.
Oil Industry Management Bureau Director Rino Abad said that the weaker demand from top oil importer China due to the rising cases of COVID-18 is one of the factors in the oil price drop.
Most oil firms announce price adjustments every Monday and implement changes every Tuesday.
The Department of Energy has also released the year-to-date adjustment, which stands at a net increase of P18.15 per liter of gasoline, P36.00 per liter of diesel, and P29.95 per liter of kerosene as of November 15, 2022.
The netizens expressed their reactions to the looming price adjustments:
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