Big rollback in fuel prices seen next week | Inquirer News

Big rollback in fuel prices seen next week

/ 05:10 AM November 27, 2022
A tricycle driver searches his pocket for bills and coins to pay for fuel at a gasoline station on E. Rodriguez Avenue in Quezon City.  STORY: Big rollback in fuel prices seen next week

A tricycle driver searches his pocket for bills and coins to pay for fuel at a gasoline station on E. Rodriguez Avenue in Quezon City. INQUIRER/NIÑO JESUS ORBETA

MANILA, Philippines — A price rollback of almost P4 per liter is expected on Tuesday, according to an industry source.

The price of diesel is projected to decline by P3.90 to P4.20 per liter and that of gasoline by P1.20 to P1.50 per liter.

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Rodela Romero, assistant director of the Department of Energy’s Oil Industry Management Bureau, said on Friday kerosene might drop by P2.20 to P2.40 per liter.

Among the reasons cited by Romero for the possible decrease in fuel prices include the tightening of restrictions in China due to rising COVID-19 cases and the increase in the United States’ crude inventory, which resulted in lower demand, as well as the price cap imposed on Russia’s crude.

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Last week, oil companies reduced the selling prices of gasoline by P0.40 per liter, diesel by P2.15 per liter, and kerosene by P2.10 per liter.

—JORDEENE B. LAGARE

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