Oil Companies Expected to Implement Fuel Price Rollback Next Week
OIL PRICE UPDATE – Several Filipino motorists are set to welcome a possible fuel price rollback next week.
Following a series of price increases, motorists can finally breathe a sigh of relief as petrol pump prices are expected to be reduced in the next week.
According to local oil industry sources, including the Department of Energy-Oil Industry Management Bureau and industry forecasts, a fall in the cost of petroleum products is on the way.
This cut is expected to relieve the financial load on households that have been struggling with rising fuel prices.
According to the estimates provided by industry sources, the anticipated price adjustments for the upcoming week are as follows:
- Gasoline: P0.30 to P0.60 rollbak per liter
- Diesel: P0.30 to P0.50 rollback per liter
- Kerosene: P0.40 to P0.60 rollback per liter
These figures indicate a significant relief in fuel prices for motorists across the country, providing them with some respite from the previous increases.
Rodela Romero, Assistant Director of the Department of Energy-Oil Industry Management Bureau, explained that the expected rollback is a result of the four-day trading assessment.
The market considered China’s robust demand data, which weighed on concerns over potential US interest rate hikes that could temper energy demand. These factors, coupled with other market dynamics, have contributed to the favorable outlook for fuel prices.
“Based on the four-day trading, there will be a rollback on the prices of petroleum products,” Romero said.
Oil companies typically announce price adjustments on Mondays, with the new prices taking effect on the following day. Therefore, motorists can expect the official announcement of the rate reduction on Monday, which will confirm the exact figures for the rollback.
What can you say about the possible oil price rollback next week? Just feel free to leave your comments and reactions to this article.
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