Oil Industry Source Says Pump Price Rollback Expected Next Week
According to an oil industry source, gasoline stations are expected to implement pump price rollback starting next week.
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.
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 oil companies are set to impose a rollback on prices of petroleum products such as gasoline, diesel and kerosene. It will end the consecutive weeks of increase. The oil price adjustment will take effect on Tuesday (February 7, 2023).
Cleanfuel will impose a rollback of P1.90 per liter of gasoline and P2.35 per liter of diesel.
The Department of Energy (DOE) Oil Industry Management Bureau director Rino Abad said that Filipino motorists can expect a cut in fuel prices next week. The official estimates a decrease of P2 per liter of gasoline and nearly P3 per liter of diesel and around P2.50 per liter of kerosene.
Abad said that the declining trend of oil demand during the first quarter is some of the major factors for the price cut.
“Globally, there is really a trend of decline in (oil) demand for the first quarter, which will pick up slightly by the second quarter, and then full blast demand on the third and fourth quarters,” Abad said.
DOE has also released the total year-to-date net increase, which stands P7.20 per liter of gasoline, P3.05 per liter of diesel, and P4.45 per liter of kerosene.
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