Possible Oil Price Rollback Next Week Sparks Relief for Motorists
OIL PRICE UPDATE – Several oil firms in the country announced a possible fuel price rollback starting next week.
Filipino motorists can expect some relief at the pump as oil prices are projected to decrease in the coming week, according to Unioil Petroleum Philippines. Diesel and gasoline prices are expected to go down by an estimated P0.60 to P0.80 per liter, providing a respite for drivers and commuters alike.
These adjustments in oil prices are set to take effect from July 4 to 10, potentially bringing relief to consumers grappling with the financial burden of high fuel prices.
In a related development, major gasoline providers Phoenix, Solane, and Petron have announced a price reduction for liquefied petroleum gas (LPG) and AutoLPG products beginning this Saturday.
Phoenix announced that its LPG rates will be decreased by 3.70 cents per kilogram, while AutoLPG costs will be reduced by more than 2.05 cents per liter. Similarly, Petron said that its LPG rates will be reduced by 3.70 per kilogram and AutoLPG prices will be reduced by at least 2.07 per liter.
Solane, a well-known LPG brand, has recently joined the price reduction trend, instituting a rollback of 3.73 per kilogram for its LPG goods.
As of June 17, 2023, data from the Department of Energy’s oil monitor showed a year-to-date net decline of 3 per liter for diesel and 5.15 per liter for kerosene. During the same time period, however, gasoline prices increased by a net of $6.55 per liter.
The anticipated drop in oil prices provides a ray of light for motorists who have been struggling with the weight of rising fuel costs. As the cost of living rises, any reduction in fuel prices can be a welcome relief for individuals and businesses that rely significantly on transportation.
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