Oil Companies Expect Another Round of Fuel Price Rollback Next Week
OIL PRICE ADJUSTMENT – Various oil companies in the country are expecting another round of fuel price rollback starting next week.
The gasoline stations in the Philippines are expected to implement another round of rollback on prices of petroleum products including gasoline, diesel, and kerosene starting on Tuesday (December 6, 2022).
Unioil announced a rollback of P1.80 to P1.90 per liter of gasoline and P1.90 to P2.00 per liter of diesel. Clean fuel said that gasoline prices may go down by P1.90 per liter and diesel will decrease by P2 per liter.
Department of Energy (DOE)-Oil Industry Management Bureau director Rino Abad said that the projected rollback was based on the previous four trading days.
He claimed that increased COVID-19 cases in China as well as the ongoing effects of interest rate increases are among the variables causing the downward price adjustments. “The rollback could have been bigger if the peso did not weaken,” Abad said.
Oil companies are expected to make an official announcement on Monday and impose the latest price changes on Tuesday. It will be the seventh consecutive week of oil price rollback for diesel and the third straight week for gasoline.
DOE shows the data indicating the year-to-date net increase, which stands at P16.90 per liter of gasoline, P29.90 per liter of diesel and P25.20 per liter of kerosene as of November 29, 2022.
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