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Rollback in oil prices seen next week

July 02, 2022 - Saturday 7:07 PM by GDM

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After consecutive weeks motorists can heave a sigh of relief as oil prices are expected to be rolled back.
The projections of oil industry players for the pump prices of petroleum products are forecasted to break the five straight weeks of price hikes for diesel and four consecutive weeks of increases for gasoline.
According to the fuel price forecast for the July 5 to 11 trading days of Unioil Petroleum Philippines, the price per liter of diesel will go down by an estimate of P2.80 to P2.90.
For gasoline prices it is expected to go down by P0.10 per liter or will not have any price change.
However, industry sources said that diesel prices could be cut to as much as P3.10 to P3.30, and gasoline prices may be slashed by P0.20 to P0.40 per liter.
But the expected price reduction for gasoline might be offset by premium costs, according to the industry source.
Department of Energy-Oil Industry Management Bureau Director Rino Abad, for his part, said that two significant factors for the expected fuel price rollback.
One is the China lockdown, and the other is the effect of various interest hikes worldwide, which depress economic activity and ultimately fuel demand.
Oil companies usually announce their price adjustments on Monday which will be imposed the following day.
On June 28, fuel firms jacked up their gasoline prices by P0.50 per liter and diesel by P1.65 per liter, bringing the year-to-date fuel price adjustments to a net increase of P30 per liter for gasoline and P45.90 per liter for diesel.