Details about the Expected Oil Price Rollback Expected Next Week
OIL PRICE ROLLBACK – The Department of Energy (DOE) said that a drop in the prices of petroleum products is expected next week.
The changes in the costs of fuel affects a lot of people. Most of these individuals are private vehicle owners and public utility vehicle (PUV) drivers. There were previous months when oil prices were so high that the costs of diesel reached at least P88.00 per liter.
Then, the PUV drivers called for help from the government which released fuel vouchers to the drivers. The high costs of oil then was triggered by the tension between Ukraine and Russia.
Meanwhile, the rollbacks in oil prices have helped pull down the costs of diesel, gasoline, and kerosene. The energy officials always reiterate that the prices of oil is not stable based on what is happening on the international market.
In the Philippines, it is usually on Friday when the energy officials announce their prediction on the oil prices the following week. The rollback or hike is implemented every Tuesday.
Recently, the Department of Energy (DOE) said that oil price rollback is expected next week. Based on a report on ABS-CBN News, Oil Management Bureau Assistant Director Rodela Romero said that the increase in the COVID-19 cases in China and the price cap on Russian crude are the reasons behind the expected price drop.
Furthermore, Romero said that the fuel inventory of the United States also went up meaning the demand is low. Based on the report, the following are the expected oil price rollback next week:
- Diesel – P3.50 to P3.70 per liter
- Gasoline – P1 to P1.20 per liter
- Kerosene – P2.20 to P2.40 per liter
Romero stressed that DOE has no control over the oil prices as it is really “market-based”. According to her, although the reasons behind the rollback are negative, the price drop will hopefully continue.
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