Consumers are expected to get a reprieve from high oil prices this week as oil companies are expected to roll back pump prices this week.
“Expect fuel prices to roll back next week. Diesel should decrease by P0.30 to P0.40 per liter and gasoline should decrease by P0.05 to P0.10 per liter,” Unioil Philippines said in its weekly price forecast.
The anticipated rollback will put an end to the seventh successive round of weekly oil price increase felt by consumers.
Last week’s oil price increase brought the price adjustments since the start of the year to a net increase of P6.75 per liter for gasoline, P4.75 per liter for diesel and P3.55 per liter for kerosene.
World oil prices reacted to reports of the American Petroleum Institute and US Energy Information Administration last week which revealed an increase in stockpiles, which could have an impact on supply.
Prices also fell amid a gloomy outlook from the US Central Bank which could affect demand.
On March 26, the country’s oil firms implemented a price increase of P0.65 per liter for gasoline and P0.10 per liter for kerosene and diesel.
The Department of Energy called on consumers to exercise energy efficiency and the power of choice to enhance more competition in the retail level of petroleum products.
“Everyone must be aware of their respective energy consumption habits and continue to observe an energy efficient lifestyle, whether we have fuel price increases or not,” Energy Secretary Alfonso Cusi said.
“The retail prices and services per retail station are different. Our consumers must compare the prices and services and choose the retail station that provides the best products and services that suit their needs,” Cusi said.
The country’s oil firms have varying oil price discounts offered to consumers. They also have different promotions and price points depending on the brand, location of the station and market competition.
“The DOE will continue its oil price and fuel quality monitoring activities,” Cusi said.