Update on Possible Oil Price Rollback in PH Next Week
OIL PRICE ROLLBACK – Another decrease in the prices of diesel and gasoline may take place next week amid the high fuel costs in the Philippines.
Many Filipinos have no choice but to deal with the high prices of oil products in the country now. Most of those who are greatly affected are the motorists and businesses that use oil products for their operations. The series of oil price hikes since January brought the prices of diesel and gasoline to reach over P90 per liter in several fuel stations last week prior to the recent drop.
Public utility vehicle (PUV) drivers called for assistance amid the high fuel costs in the country. There are also calls for the suspension of the fuel excise tax by transport groups, private individuals, and professionals. However, the government refused to suspend the taxes on fuel.
According to the previous administration, the fund from the fuel excise tax is already intended for several government projects. The current administration also expressed that it is not in favor of suspending the fuel excise tax.
Instead of suspending the fuel excise tax, the Department of Social Welfare and Development (DSWD) will be releasing cash aid to poor Filipinos amid the high costs of fuel in the country.
Last week, motorists saw an oil price rollback. Diesel, gasoline, and kerosene all dropped in their prices which elicited positive remarks from vehicle owners.
Based on a report on GMA News, an oil industry source confirmed to the media company that another oil price rollback may be implemented next week. The following are the expected drop in the prices of gasoline and diesel:
- Diesel – P1.70 to P1.90 per liter
- Gasoline – P4.70 to P4.90 per liter
Usually, the rollback is confirmed a day before its actual implementation by fuel companies. According to Department of Energy-Oil Industry Management Bureau Director Rino Abad, the possible rollback next week are due to intermittent lockdowns in China and the interest hikes in the United States and other countries.
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