Another round of fuel price rollback possible next week: stakeholder

Alvin Elchico, ABS-CBN News

Posted at Mar 24 2023 02:15 PM | Updated as of Mar 24 2023 03:18 PM

MANILA - Consumers may enjoy another round of rollback next week as world oil prices continue to dip due to fears of a banking crisis after the collapse of several banks in the US and Switzerland, a stakeholder said on Friday.

Jetti Petroleum President Leo Bellas said there could be another reduction of over P1 per liter for diesel and gasoline. 

Based on the first 4 trading days, imported fuel prices have dropped by more than P1 per liter or:

- Diesel P1.45 per liter
- Gasoline P1.38 per liter
- Kerosene P1.99 per liter 

Bellas explained there is a fear of lower demand in the coming months as a result of the banking crisis and recession jitters. 

But there are still factors that may push prices up soon like the rebound in China's demand due to the opening up of its economy despite COVID cases, he said.

There is also an impending big time rollback in LPG prices on April 1. 

Due to the expectations of a rollback, Regasco President Arnel Ty has announced the company would implement another P1 per kilo rollback, the second one in 2 weeks in anticipation of the big reduction in prices. 

According to Ty, as of Friday, the contract price of LPG has dropped by $170 per metric ton but there are still 7 days to go before it becomes final by month's end. 


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