Oil Price Rollback – How Much Is Expected?
OIL PRICE ROLLBACK – A decrease in the high costs of diesel, gasoline, and kerosene is expected to take place next week.
Many Filipinos are financially struggling now due to the high costs of fuel in the country. The prices of oil products have greatly increased since January 2022. One of the factors considered to be a trigger in the global oil problem is the ongoing war between Russia and Ukraine.
Some countries have released their oil reserves to help mediate the need for oil. The oil reserves of Japan were previously released amid the oil supply not meeting the global demand for the products causing the costs to go on an upward trend.
In the Philippines, several public utility vehicle (PUV) drivers appeal for help amid the high costs of fuel in the country. According to many of them, they already have a lot of debts as the money they bring home is no longer enough to provide for the needs in the household due to the big cut for fuel.
The Philippine government rejected the call for the suspension of fuel excise tax but assured that it will help the poor Filipinos amid the high costs of fuel in the country. The prices of several basic needs and commodities also increased.
The government is set to release a P500 monthly subsidy for six (6) months amid the high costs of fuel in the country now. The release is set under the Department of Social Welfare and Development (DSWD).
Recently, reports about the oil price rollback forecast for next week crossed the surface. Based on a report on ABS-CBN News, an official from the Department of Energy expressed that the lockdown in China and the weaker purchasing power due to the high prices of essential goods are considered factors in the expected drop in oil prices.
Oil Price Rollback
- Diesel P5.80-P6.30/L
- Gasolina P5.30-P5.80/L
- Kerosene P5.80-P6.30/L
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