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| Fuel pump prices are expected to drop significantly next week, according to local oil industry sources. |
TACLOBAN CITY – Next week, there will be a big-time rollback in the price of petroleum products. According to oil companies, the price of diesel per liter will decrease from Php 3.70 to Php 3.90 due to the decline in oil prices over the past four days, from November 21 to November 24.
The price per liter of gasoline will decrease by Php 1.10 to Php 1.30, while the price per liter of kerosene will be from Php 2.20 to Php 2.40.
As explained by Assistant Director Rodela Romero of the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), all petroleum products will experience a rollback on the fourth day of oil trading.
Romero stated that the increase in COVID-19 cases in mainland China, the high crude oil inventory in the United States, and the price cap implemented by Russia on crude oil are the primary reasons for the anticipated price decrease.
The big-time oil price rollback is anticipated to take effect on Tuesday, November 22.