Gas Companies to Impose Another Round of Oil Price Rollback This Week
Various gasoline stations in the country will implement an oil price rollback starting on Tuesday (December 6, 2022).
Over the past few decades, 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.
Pump price hike would contribute to the daily burden of Filipino people especially to those who were using public vehicles for a living and to individuals using private vehicles to reach their point of destination.
Several oil companies in the country announced another round of rollback on prices of petroleum products including gasoline, diesel, and kerosene. It will mark the third straight week of price rollbacks.
Pilipinas Shell Petroleum Corp. announced that the prices of gasoline will go down by P1.95 per liter, diesel will roll back by P1.90 per liter and kerosene will decrease by P1.65 per liter.
The oil firms will implement the fuel price adjustments at 6 am on Tuesday (December 6, 2022). Other companies have yet to make similar announcements for the week.
According to the Department of Energy, the price rollback was due to the impact of the lockdown measures in China on demand, higher inventories, and the successive interest rate increase in the US.
DOE released the latest data available indicating the year-to-date adjustments stood at a net increase of P17.75 per liter of gasoline, P33.85 per liter of diesel, and P27.85 per liter of kerosene as of November 22, 2022.
What can you say about the looming price adjustment? Just feel free to leave your comments and reactions to this article.
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