Oil Companies Expect Fuel Price Rollback Next Week
Oil Companies Expect Fuel Price Rollback Next Week
by Jay Nelz
May 14, 2022
in:
News
Oil Companies Says Motorists Could Expect Fuel Price Rollback Next Week
Several oil companies in the country were expected a fuel price rollback in the coming week after a round of price hikes.
Currently, the prices of petroleum products play a very important role to the country’s economy. Pump price adjustment usually causes significant impact on prices of products and services in the country.
The consecutive oil price hike during the past few months contribute to the daily burden of Filipino people especially to those who were in public transport sector. Price rollbacks can somehow ease the struggles of Filipino drivers.
Numerous gasoline stations were expecting a price reduction in the prices of petroleum products including gasoline, diesel, and kerosene. The announcement came after marking the 15th consecutive oil price hike.
On Saturday (May 14, 2022), the Unioil Petroleum Philippines released the projected or expected oil price forecast for May 17 to 23, 2022 trading week. The final announcement regarding the price adjustment will be released on Monday.
Unioil announced that the prices of gasoline may go down by ₱0.40 to ₱0.60 per liter while prices of diesel may roll back by P2.90 to P3.00. However, the estimated price changes may still vary.
The Department of Energy has released the latest data available showing the year-to-date adjustments. The data shows a total net increase of P17.80 per liter of gasoline, P30.30 per liter of diesel, and P23.90 per liter of kerosene as of May 3, 2022.
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