P0.70 oil price rollback ends 9 weeks of increases

Consumers can expect a reprieve from the consecutive weekly oil price hikes in the past weeks as oil firms are forecasted to rollback pump prices by as much as P0.70 per liter.

“Expect fuel prices to go down next week (July 27 - August 2). Diesel should go down by P0.60 per liter. Gasoline should go down by P0.70 per liter,” Unioil Petroleum Philippines said in its weekly oil price advisory.

World oil prices declined this week amid global demand recovery concerns due to the Delta variant of COVID-19. 

New infections are increasing in the US, one of the biggest consumers of oil products, due to the Delta variant while China, another oil consumer, saw fresh clusters of COVID-19 infections recently.

The prevalence of the Delta variant and the slow pace of vaccination in other countries has raised fears of a delay in the global economic recovery.

Meanwhile, the anticipated price rollback this week will put an end to nine weeks of consecutive oil price hikes, the latest of which was on  July 20.

The oil firms raised the price of gasoline by P0.05to P0.10 per liter, P0.30 per liter for diesel and P0.30 per liter for kerosene last week.

These resulted in year-to-date adjustments to stand at a total net increase of P13.60 per liter for gasoline, P10.90 per liter for diesel and P9.30 per liter for kerosene.

Topics: oil price hikes , rollback , Unioil Petroleum Philippines , COVID-19 , Delta variant
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