Motorists may expect the trend of rollbacks in the pump prices of petroleum products to continue if the US, the world’s largest economy, will implement aggressive hikes in its interest rate, an official of the Department of Energy said Tuesday.
An official of the Department of Energy on Tuesday, July 19, 2022, says rollbacks in the pump prices of fuel products may continue if the US will raise the interest rate. DANNY PATA/File photo
In an interview on state-run PTV’s Laging Handa public briefing, DOE-Oil Industry Management Bureau Director Rino Abad said that if the US Federal Reserve pushes through with hiking its interest rate at its July 26-27 policy meeting, other central banks around the world will follow suit. The Energy official explained that this week’s price reduction was caused by the intermittent lockdowns in China and interest rate hikes in the US and other countries which resulted in tempered economic activity that could eventually lower demand and prices.
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