Oil Companies Eye Pump Price Rollback on February 28, 2023

Pump Price Rollback Expected on February 28, 2023, Oil Firms Say

PUMP PRICE ADJUSTMENT – Various oil companies are expecting price rollback for petroleum products on Tuesday (February 28, 2023).

Pump prices in the Philippines have been a contentious issue for many years. The price of fuel has a significant impact on the country’s economy and affects the daily lives of millions of Filipinos.

The Philippine government regulates fuel prices through the Department of Energy (DOE) and the Oil Industry Management Bureau (OIMB). Despite the government’s efforts to keep fuel prices stable, prices can fluctuate due to several factors such as global oil prices, currency exchange rates, and local taxes.

Oil Companies

The Energy Department has announced a price rollback in the cost of petroleum products in the Philippines effective on February 28, 2023 (Tuesday). After several weeks of high prices, this news brings some relief to consumers.

Diesel prices are expected to decrease by P1.68 per liter, while gasoline prices will go down by P1.02 per liter and kerosene by P1.90 per liter. It is also expected that the cost of LPG will decrease by P5 to P6 per kilogram in March.

This is welcome news for many Filipinos who have been struggling with the high cost of living. The high prices of petroleum products have affected not only motorists but also those who use LPG for cooking.

Oil Companies

The expected rollback in the cost of petroleum products is expected to provide relief to consumers who have been hit hard by the high cost of living.

What can you say about the expected price reduction? Just feel free to leave your comments and reactions to this article.

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