Consumers can expect a rollback in pump prices next week of as much as P2.20 per liter due to global fears of an economic slowdown.
Industry sources said oil prices will likely go down by P2.20 per liter for diesel and P0.50 per liter for gasoline due to the pronouncement of the International Monetary Fund of a global recession
Department of Energy director for the Oil Industry Management Bureau Rino Abad said diesel and kerosene may go down by P1.50 per liter, while gasoline will go down by P0.50 per liter.
The computation is based on four days of trading and may still change based on Friday’s trading movement.
World oil prices declined due to the IMF’s pronouncement that the global economy may worsen in 2023 due to the continuing war between Russia and Ukraine, rising interest rates, and the spread of COVID with the loosening of restrictions from China.
On Jan. 3, 2022, oil companies raised the price of gasoline by P2.90, diesel by P2.10 per liter, and kerosene by P3.05 per liter.
These resulted in total year-to-date adjustments to stand at a net increase of P17.80 per liter for gasoline, P29.40 per liter for diesel, and P24.35 per liter for kerosene.