Oil Companies Set to Implement Price Adjustment Next Week
Several oil firms in the Philippines are set to implement another price adjustment on petroleum products next week.
The Filipino people will experience a slight to moderate rollback in prices of petroleum products starting next week. The expected price reduction next week will surely feel relief due to oil price reduction.
Oil companies are set to implement P0.40 to P0.45 rollback per liter of diesel, P0.10 to P0.20 cut per liter of gasoline products and P0.45 to P0.55 estimated price reduction per liter of kerosene.
The oil firms are set to impose the oil price rollback on Tuesday (March 9, 2021) to keep the cost adjustment routines anchored on the Mean of Platts Singapore, which is the pricing benchmark in the regional market.
The impending price rollback came after a few consecutive weeks of oil price hike, which inflict anguish to Filipino motorists and drivers who were also struggling with the soaring prices of basic commodities.
The global oil prices are expected to reach US$70 per barrel next week, which is a little bit higher compared to its price last year when the coronavirus pandemic strikes.
What can you say about the recent price changes? Just leave your comments and suggestions for this report.
You can also read: Oil Companies Set To Impose Almost P1 Hike on Pump Prices