Update on Possible Oil Price Rollback Next Week
OIL PRICE ROLLBACK – The authorities in the oil industry expect another drop in the prices of oil products next week.
For several months now, fuel prices in the Philippines are high following the series of increases in oil products in the global arena. Several countries share the same fate amid the ongoing tension between Russia and Ukraine which is believed to be a huge factor in the global oil problem.
In the Philippines, the series of oil price hikes led the prices of diesel and gasoline to go past P90 per liter in some fuel stations. It ignited the call for the suspension of the fuel excise tax. Several transport groups, public utility vehicle (PUV) drivers, and individuals called on the national government to suspend the tax on oil.
However, the previous administration refused the call explaining that the fund from the fuel excise tax is already intended for government projects. Meanwhile, the recent instances of oil price rollback helped drop the prices of fuel.
The prices of oil products have dropped for five times already. Based on a report on ABS-CBN News, the authorities in the oil industry expect the possibility of another oil price hike next week.
According to the report, the authorities in the oil industry expect another drop in the fuel prices next week based on the trading in the world market. Imported diesel and kerosene dropped by P3 per liter while gasoline dropped by P1 per liter.
The Department of Energy is expecting that the drop in the oil prices in the world market will continue. The drop in the consumption of oil in China, the US-Iran deal, and the drop in the demand for oil are among the factors considered in the recent development according to Energy Assistant Director Rodela Romero.
According to the experts, there is really a huge possibility that there will be another rollback because the general forecast states that the oil prices are going on a downward trend in the international market. Jetti Petroleum president Leo Bellas said that the potential rollback for diesel next week is bigger compared to the possible drop in the prices of gasoline.
More updates may be posted soon.
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