Update on Gas Prices in the Philippines
GAS PRICES – Amid the high prices of fuel in the Philippines now, there are projections that the prices will slightly fall next week.
One of the problems that many people are dealing with in the Philippines now is the high prices of fuel. Previously, a lot of drivers expressed their sentiments that they can no longer bring home an amount that can suffice to the needs of the family due to the high prices of fuel.
Many farmers and fisherfolks are also affected by the high prices of fuel. The oil price hike started in January and it was previously projected to continue rising until May or June. The ongoing invasion of Russia in Ukraine also triggers the high prices of fuel across the globe.
Japan previously released billions of barrels of oil to help address the demands across the globe. In PH, the national government released fuel subsidies and discount vouchers to help the drivers, fishermen, and farmers cope with the high gas prices.
Recently, there is a projection that gas prices will slowly drop next week. Based on a report on ABS-CBN News, the strict lockdown in China and the low demand for oil are credited to be the factors that trigger the estimated drop in fuel prices.
According to the report, the estimated rollback for diesel next week is between Php 1.10 to Php 1.30 per liter. For gasoline, the rollback may be between Php 0.60 to Php 0.80 per liter and the kerosene between Php 1.00 to Php 1.15 per liter.
- Diesel – Php 1.10 to Php 1.30 per liter
- Gasoline – Php 0.60 to Php 0.80 per liter
- Kerosene – Php 1.00 to Php 1.15 per liter
Amid the global problem of oil demand, other countries have opened their oil reserves. Libya has also reportedly resumed producing oil.
You may also visit – Cash Aid For All amid Oil Price Hikes? Malacañang in Favor of It But…