Details about the Expected Oil Price Rollback Next Week
OIL PRICE ROLLBACK – Oil industry sources claimed that there might be a decrease in the prices of gasoline and diesel next week.
The prices of fuel in the Philippines change almost every week. Usually, the changes are confirmed by the different fuel stations on a Monday and it is implemented the following day. It depends on the standing of the oil products in the world market prior to it and several other factors.
In the previous months, there were weeks in PH when gasoline and diesel costs hit at least P85 per liter. It was amid the global oil crisis that was believed to have been triggered by the ongoing tension between Russia and Ukraine. Several other countries like Japan released their oil reserves to augment the need for oil across the globe.
Meanwhile, the previous rollbacks have helped address the problem of a lot of people most especiall public utility vehicle (PUV) drivers and private vehicle owners when it comes to high fuel costs.
However, recently, there were two (2) consecutive oil price hikes that brought the costs of fuel up again. Based on the reports, the increase in the costs of oil is due to the decision of the Organization of Petroleum Exporting Countries (OPEC) to cut oil production by two (2) million barrels next month.
Meanwhile, following the two (2) oil price hikes, an oil price rollback is expected next week. Based on a report on GMA News, oil industry sources expect a decrease in the prices of gasoline and diesel next week.
According to oil industry experts, the cost of diesel may drop between P0.40 to P0.70 per liter. Based on the report, gasoline prices may drop by P0.20 to P0.50 per liter.
More updates may be posted soon…
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