Gas Stations Eye Another Rounds of Fuel Price Rollback on Tuesday (March 28, 2023)
OIL PRICE ADJUSTMENT – Several gas stations in the country were expecting a fuel price rollback on Tuesday (March 28, 2023) next week.
According to recent reports, the value of petroleum products are expected to continue to decrease due to the ongoing banking crisis, following the collapse of several banks in the United States and Switzerland.
Leo Bellas, the President of Unioil, has estimated that there will be a reduction of over P1 per liter for diesel and gasoline.
This estimation is based on the first four days of oil trading, which has seen the cost of imported petroleum products decline by P1.45 per liter for diesel, P1.38 per liter for gasoline, and P1.99 per liter for kerosene.
Despite the anticipated price reduction, Bellas is expressing concern about the future of the petroleum industry. He warns that the banking crisis and recession jitters could result in low demand for petroleum in the coming months, which would negatively impact the industry as a whole.
In addition to the expected reduction in diesel and gasoline prices, a rollback in the price of liquefied petroleum gas (LPG) is also anticipated on April 1.
Arney Ty, the President of Regasco, has confirmed that the contract price of LPG has already decreased by $170 per metric ton. However, he notes that there are still seven days remaining in the month of March, and it is possible that additional changes could occur before the final decision is made.
What can you say about the expected price rollback next week? Just feel free to leave your comments and reactions to this article.
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