Oil Price Rollback Expected To Take Place Net Week
OIL PRICE ROLLBACK – The prices of oil are projected to go down a little bit next week after a series of increases.
Several countries across the globe are suffering from high oil prices as there is high demand for oil globally. The ongoing tension between Russia and Ukraine has also affected the supply of oil across nations.
Previously, several oil reserves were released to augment the high demand for oil across the globe. In the Philippines, the prices of oil started taking an upward trend since January. It led to the point when many drivers could no longer bring home an amount that could cope with the needs of their families because of the high prices of fuel in the country.
Not only public utility vehicle (PUV) drivers were affected by the increase in oil. Private vehicle owners and several businesses are also facing the impacts of high oil prices.
To help the PUV drivers cope with the increasing prices of fuel, the government released fuel subsidies. Jeepney drivers, tricycle drivers, and delivery riders were among the target recipients of the fuel subsidies. Fuel vouchers were also given to farmers and fisherfolks.
Recently, an update about an oil price rollback crossed the surface. It followed the series of oil price hikes that dragged the prices of gasoline up to Php 78.00 per liter.
Based on a report on ABS-CBN News, there is a forecast of oil price rollback next week. The diesel prices is expected to drop between Php 3.10 to Php 3.30 per liter. The prices of gasoline may decrease between Php 0.50 to Php 0.75 per liter and kerosene between Php 2.10 to Php 2.30 per liter.
- Diesel – Php 3.10 to Php 3.30 per liter
- Gasoline – Php 0.50 to Php 0.75 per liter
- Kerosene – Php 2.10 to Php 2.30 per liter
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