DOE Expects Bigtime Oil Price Rollback Next Week

DOE Expects Bigtime Oil Price Rollback Next Week

November 26, 2022 by Jay Nelz in Categories News

Bigtime Oil Price Rollback Expected Next Week, DOE Says

PUMP PRICE ADJUSTMENTS – The Department of Energy is expecting a bigtime oil price rollback starting next week.

Fuel prices 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 contributed to the daily burden of Filipino people, especially those who were in the public transport sector. Price rollbacks can somehow ease the struggles of Filipino drivers.

Several gasoline stations in the country were expecting a bigtime rollback on prices of petroleum products including gasoline, diesel, and kerosene next week. The big-time rollback comes after a few weeks of mixed price adjustments.

According to an oil industry source, the prices of gasoline will go down by P1.20 to P1.50 per liter, diesel by P3.90 to P4.20 per liter, and kerosene by P2.20 – P2.40 per liter. The project pump price projection was based on the four-day trading.

DOE Assistant Director Rodela Romero confirmed the big-time rollback next week. She also explained that the increasing COVID-19 cases in China and higher crude inventory in the United States and Russia’s price cap were the main factors for the oil price drop.

Oil companies usually announce price adjustments every Monday and implement changes every Tuesday.

DOE also releases the year-to-date adjustment to stand at a net increase of P17.75 per liter of gasoline, P33.85 per liter of diesel, and P27.85 per liter of kerosene.

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