Gas Stations to Implement Bigtime Oil Price Rollback During Holy Week
FUEL PRICE UPDATE – A bigtime oil price rollback is expected during the holy week following weeks of consecutive fuel price increases.
Filipino motorists can expect a welcome break this Holy Week as fuel prices are set to go down. Based on early market monitoring, gasoline, diesel, and kerosene are all expected to drop by over P3 per liter.
By midweek, estimated price rollbacks had already reached P4.15 per liter for gasoline, P3.58 for diesel, and P3.50 for kerosene. Experts said that rollback next week is already guaranteed even the global prices changed.
The Department of Energy shared that international oil trading trends point to a sure rollback, mainly driven by reduced global demand and rising supply.
Several factors are causing the drop. Trade tensions between the United States and China have sparked recession fears, leading to lower demand for fuel worldwide. At the same time, Saudi Arabia is planning to reduce its oil prices for Asian markets, while OPEC is boosting production by more than three times its previous level.
However, a coalition of consumer groups is questioning a newly approved power supply agreement involving Meralco and two other energy firms. They argue that the deal could lead to higher electricity prices and possibly violates a law that limits power sourcing from related companies.
The Energy Regulatory Commission has granted only a temporary go-ahead for the contracts and is still waiting for the Philippine Competition Commission’s findings before making a final decision.
While officials say the deal helps secure enough electricity for the summer months, critics believe it may hurt consumers in the long run.
The social media users expressed their reactions to the announcement:
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