Gas Firms to Impose Oil Price Rollback Next Week

Gas Firms Announces Oil Price Rollback on Tuesday (January 10, 2023)

FUEL PRICE ADJUSTMENT – Several gas firms are expected to implement an oil price rollback starting next week after a few weeks of increases.

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.

Gas Firms

On Saturday (January 7, 2023), various oil companies in the Philippines announced a rollback on prices of petroleum products including gasoline, diesel, and kerosene on Tuesday (January 10). The rollback has been announced after two consecutive weeks of hikes.

According to an oil industry player Unioil Petroleum Philippines Inc, the price of gasoline will go down by P0.50 to P0.60 per liter while diesel prices will be slashed by P2.40 to P2.60 per liter. Some reports say that kerosene prices will also decrease by P2.35-P2.65 per liter.

Diesel and kerosene costs would drop by more than P1.50 per liter, according to an earlier prediction from the Department of Energy’s Oil Industry Management Bureau, while gasoline prices would only drop by P0.50 per liter.

Gas Firms

However, the project price adjustments are still subject to change. Oil companies are expected to make a final announcement on Monday and will implement the price adjustment the following day.

This is a developing story, just visit this website regularly for further updates.

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