Details about the Oil Price Rollback, Increase Set Net Week
OIL PRICE ROLLBACK – The prices of diesel and kerosene are set to decrease next week while the cost of gasoline is expected to increase.
The Filipinos are currently dealing with high prices of oil products and basic goods and services. Many people are appealing for help from the government. Among these individuals are the public utility vehicle (PUV) drivers who claim that their earnings are no longer enough to provide for the needs of their families.
According to some PUV drivers, they can hardly bring home a good amount because of the high costs of fuel now. There are calls for the suspension of the fuel excise tax but both the previous and the current administrations declined the call.
The Duterte administration said that the funds from the fuel excise tax are intended for government projects. Prior to assuming office, Pres. Bongbong Marcos said that he would rather give assistance to the most affected individuals than suspend the fuel excise tax.
The series of oil price hikes brought the prices of gasoline and diesel to go past P90 per liter weeks ago. Meanwhile, the recent rollbacks also brought relief to a lot of people most especially PUV drivers.
Recently, an upcoming oil price rollback was confirmed and is set for next week. However, not all oil products will be having a decrease in their costs next week.
Based on a report on ABS-CBN News, the oil price rollback set next week will only cover diesel, kerosene, and LPG costs. The rates for diesel are expected to drop by between P0.50 and P0.75 per liter. The price of kerosene is eyed to go down by between P0.50 and P0.70 per liter. The LPG price is also set to decrease by P2 to P3 per liter.
With regards to gasoline prices, based on the report, it may increase between P0.70 to P1 per liter next week. More updates may be posted soon.
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