ANN/PHILIPPINE DAILY INQUIRER – Motorists are in for another treat as oil companies are expected to significantly reduce the pump prices of petroleum products next week.
An industry source said the price of diesel might drop by PHP2.10 to PHP2.30 per litre and gasoline by PHP5.40 to PHP5.60 per litre, based on the average of trading data from July 11 to July 15.
Oil firm Unioil provided almost similar projections with the price of diesel expected to decline by PHP1.90 to PHP2.10 per litre and gasoline by PHP4.60 to PHP4.80 per litre.
Director Rino Abad of the Department of Energy’s (DOE) Oil Industry Management Bureau, said the department expects kerosene prices to slightly drop.
Abad said kerosene prices in the global market were slightly down but the reduction was offset by the depreciation of the Philippine peso against the US dollar.
He attributed the projected rollback in local pump prices next week to the intermittent lockdowns in China and interest rate hikes in the United States and other countries.
“Probably if that happens, the rollback in prices might continue even after next week,” he added.
Last week, the price of gasoline went down by PHP5.70 per litre, diesel by PHP6.10 per litre and kerosene by PHP6.30 per litre.