Update on Gasoline Prices in PH amid Expected Rollback
GASOLINE PRICES – The fuel prices are expected to have another rollback next week amid the lockdowns in other countries.
Many countries are currently having a hard time dealing with pricy oil products. The Philippines is one of the nations whose people are financially struggling in the pursuit to cope with the oil prices. The successive oil price hikes led diesel and gasoline prices to go past P90 per liter in some fuel stations last week.
Several transport groups, professionals, and private individuals called for the suspension of the fuel excise tax amid the high prices of oil products in the country. However, both the previous and the current administrations are not in favor of granting the appeal of the people.
The Duterte admin previously explained that the funds from the fuel excise tax are intended for government projects. President Bongbong Marcos prefers giving the poor Filipinos cash assistance rather than suspending the fuel excise tax which he considers a blanket solution.
Meanwhile, the recent rollbacks in the price of fuel have somehow consoled some motorists, private vehicle owners, and public utility vehicle (PUV) drivers. Recently, there are reports about another possible drop in the diesel, kerosene, and gasoline prices next week.
Based on a report on ABS-CBN News, gasoline prices may reduce between P5 to P5.50 per liter next week while diesel may drop between P1.70 to P2.20 per liter. With regards to kerosene, the price may fall between P0.20 to P0.70 per liter.
According to the report, the Department of Energy previously cited the dwindling economy of other countries and the lockdowns in other nations as the factors behind the expected drop in the prices of gas next week.
While some analysts believe that gas prices will continue to go on a downward trend in the next weeks, oil expert Ramon Villavicencio believes that there will be another oil price hike after the rollback next week. He stressed that continuous rollback may increase the demand and there may be a scarcity of supply.
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