The country’s oil firms are set to roll back pump prices by as much as P0.70 per liter to reflect the movement of prices in the world oil market.
Unioil Petroleum Philippines said in its weekly advisory consumers could expect fuel prices to go down starting December 28 to January 3.
“Diesel should go down by P0.60 to P0.70 per liter. Gasoline should go down by P0.20 to P0.30 Pesos per liter,” the company said.
World oil prices took a downward plunge last week amid increased cases in the US and Europe, the world’s biggest economies due to the Omicron variant.
The increasing number of coronavirus cases prompted fears of a slowdown in global oil demand.
On December 21, the oil companies implemented a price increase in domestic oil products amid optimism that the Omicron variant will have a mild impact and increased oil supply from the US.
Both gasoline and diesel increased by P0.55 per liter while kerosene increased by P0.70 per liter.
The Department of Energy ordered a price freeze on kerosene in areas under a state of calamity in Visayas and Mindanao due to Typhoon Odette.
Also, some oil companies did not implement price hikes in gasoline and diesel in provinces hit by the said typhoon.
Last week’s oil price hike resulted in year-to-date adjustments to stand at a total net increase of P17.85 per liter for gasoline, P14.95 per liter for diesel and P12.39 per liter for kerosene.