Gas Stations to Implement Another Round of Pump Price Rollback Next Week
Various gas stations in the country were set to implement another round of oil price rollback starting next week.
Oil price rollback refers to a decrease in the price of gasoline, diesel, and kerosene. This is typically done by oil companies in response to changes in the global oil market or to address rising consumer complaints about high fuel prices.
The price cut is usually welcomed by consumers, who benefit from lower fuel prices. The possible rollback next week will bring relief to many individuals and businesses.
While lower fuel prices may be beneficial for consumers, they can be a challenge for the oil industry. The oil industry operates on thin margins, and lower fuel prices can reduce profits and create financial difficulties for oil companies. This can also lead to job cuts, decreased investment in the industry, and a decline in the economy as a whole.
On Saturday (February 11, 2023), oil industry player Unioil Petroleum Philippines, Inc said that mixed movements in fuel prices are expected next week. It will mark the second week of rollback.
Unioil said that diesel prices will be reduced by P2.00 to P2.20 per liter. According to the reports, gasoline prices may go down P0.05 to P0.15 per liter or no change while kerosene prices will be cut by P2.35 to P2.65 per liter.
The decrease in diesel prices is a result of the decline in the international market price of petroleum products. The DOE regularly monitors changes in the global market and adjusts local prices accordingly to ensure that consumers are not overburdened.
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