Consumers will see a higher rollback in pump prices of around P5 to P6 per liter across all petroleum products by Tuesday, the Department of Energy confirmed on Friday. Read more👇
Rino Abad, DOE director for the Oil Industry Management Bureau, said the four-day trading mark showed a higher decline in global oil prices of around $16 to $17 per barrel compared to last week.“The P5 to P6 per liter rollback is an estimate,” Abad said, as he attributed the drop in world oil prices to ongoing concerns over US interest rate hikes.
These adjustments brought net increases of P42.90 per liter for diesel, P36.35 per liter for kerosene, and P30 per liter for gasoline since the start of the year. These adjustments brought net increases of P42.90 per liter for diesel, P36.35 per liter for kerosene, and P30 per liter for gasoline since the start of the year.
The Department of the Interior and Local Government earlier announced that over 600,000 tricycle drivers nationwide will be receiving a fuel subsidy.
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