The Department of Energy announced a possible price rollback next week, confirming reports of a price cut for diesel at P1.70 to P1.90 per liter and gasoline from P4.70 to P4.90 per liter, effective Tuesday.
DOE director Rino Abad of the Oil Industry Management Bureau confirmed the rollback estimates but could not say the exact amount until the oil companies notified the agency.
The price rollback forecast was computed based on the four-day global oil trading movement.
Abad cited two significant reasons for the continuing rollback in pump prices.
“The continuing China lockdown and possible interest hike in the US,” he said.
On July 12, the oil companies implemented a price decrease in gasoline by P5.70 per liter, diesel by P6.10 per liter, and kerosene by P6.30 per liter.
These resulted in year-to-date adjustments at a net increase of P24.30 per liter for gasoline, P36.80 per liter for diesel, and P30.05 per liter for kerosene.
World oil prices have continuously declined in the past weeks due to recession fears and crude stock building in the US.