Oil Companies Announces Pump Price Rollback on Tuesday (March 21, 2023)
Several oil companies are expected to impose a pump price rollback next week after a few weeks of increases.
On Saturday (March 18, 2023), a fuel company stated that that the prices of fuel products including gasoline, diesel and kerosene will roll back in the coming week.
Unioil, the fuel company, has forecasted that diesel may decrease by an estimated P1.70 to P1.80 per liter while gasoline may decrease by P1.10 to P1.30 per liter during March 21 to 27 trading week.
According to an oil industry source, pump prices for petroleum products are projected to drop in the coming week, citing oil trade over the previous four days. According to the source, diesel prices may reduce by P1.70 to P1.90 per liter, while gasoline prices may drop by P1.00 to P1.20 per liter.
It is common for oil companies to announce price adjustments every Monday, which will take effect the following day. In the latest price adjustments made on March 15, gasoline prices per liter increased by P1.00, while diesel and kerosene prices decreased by P0.10 and P0.60 per liter, respectively.
The increase in fuel prices earlier this month had been attributed to the surge in global oil prices. With the expected rollback in fuel prices next week, Filipino consumers can breathe a sigh of relief.
However, it is worth noting that the decrease in fuel prices may not necessarily translate to lower prices of goods and services. The cost of goods and services is determined by a range of factors beyond fuel prices, including supply and demand, production costs, and taxes.
What can you say about the expected oil price drop? Just feel free to leave your comments and reactions to this article.