Another oil price rollback seen next week

July 15, 2022 Edd Reyes 295 views

LOCAL oil companies are expected to unleash their third wave of big-time fuel price rollback this coming week.

Estimated price movement according to energy sources showed that diesel products might decrease by P1.70 to P1.90 per liter while gasoline prices are likely to reduce by P4.70 to P4.90 per liter.

Oil companies usually announce their fuel price adjustments every Monday, which will take into effect the following day, Tuesday.

Department of Energy-Oil Industry Management Bureau Director Rino Abad said the possible rollback of prices of petroleum products next week is due to the intermittent lockdowns being implemented in China and high-interest rates in the US and other countries.

Abad added that the factors could result in tempered economic activity, eventually lowering demand and prices.