After almost a month of consecutive pump price increases, Filipinos can expect rollbacks of as much as P3 per liter for diesel next week.
“[It is] indicative of rollback next week due to the following major reasons: [the] China lockdown [and] effect of various interest hikes all over the world which depresses economic activity and, ultimately, fuel demand,” Department of Energy Oil Industry Management Bureau Director Rino Abad said.
In its fuel price forecast for the July 5 to 11 trading days, Unioil Petroleum Philippines said the price per liter of diesel may be slashed by P2.80 to P2.90.
Gasoline, on the other hand, may go down by up to P0.10 per liter.
Effective Tuesday, June 28, fuel firms hiked gasoline prices by P0.50 per liter and diesel by P1.65 per liter, bringing the year-to-date fuel price adjustments to stand at a net increase of P30 per liter for gasoline and P45.90 per liter for diesel.
On Friday, oil firms slashed the price of liquefied petroleum gas by as much as P0.40 per kilo or P4.40 per 11-kilo tank effective to reflect the movement in the contract price of LPG in the world market.
Before this adjustment, cooking gas was sold from P840 to P1,027 per 11-kilo tank in Metro Manila.
President Ferdinand Marcos Jr. earlier has said he prefers to provide aid to the sectors affected by the continuing increase in fuel prices instead of suspending the excise tax on oil.
Marcos said decreasing the excise tax on oil products does not help those affected by the soaring prices.
He said those who are directly affected, especially the transport sector, should be given priority.