Update on Oil Price Rollback for Kerosene, Diesel
OIL PRICE ROLLBACK – A drop in the prices of diesel and kerosene is expected to be implemented on Tuesday, July 5, 2022.
There is currently a global oil problem that greatly affects several nations. The Philippines is one of the countries that are greatly affected by the oil problem. Several nations have tried several actions to address the problem.
Previously, Japan agreed to release its oil reserves to help address the need for oil. The insufficient oil supply that cannot meet the global demand is considered the cause of the global oil problem. Russia’s invasion of Ukraine is also considered a factor that contributes to the global oil problem.
In the Philippines, the government previously released fuel subsidies to help public utility vehicle (PUV) drivers amid the high fuel prices. The oil price hikes started in January.
The series of oil price hikes in the Philippines brought the prices of gasoline and diesel to go past P90 per liter in several gas stations. Many people are calling for the suspension of the fuel excise tax.
However, the Duterte administration turned down the call. According to Malacañang, the funds from the fuel excise tax are already intended for several government projects. The Marcos administration also expressed reluctance on suspending the fuel excise tax. According to President Bongbong Marcos who has just assumed his post, he prefers to face the problem by giving assistance to those who are greatly affected by the problem.
Meanwhile, after five (5) straight weeks of oil price increases, an oil price rollback is expected on Tuesday, July 5, 2022. Based on a report on ABS-CBN News, a drop is expected in the prices of kerosene and diesel only.
According to the report, the oil price rollback on gasoline is still unsure. Meanwhile, here are the expected range of drop in the prices of diesel and kerosene:
- Diesel – P2.50 to P3.00 per liter
- Kerosene – P3.00 to P3.40 per liter
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