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Petroleum prices estimated to drop slightly next week
Petroleum prices estimated to drop slightly next week
ABS-CBN News
Published Apr 30, 2022 11:32 AM PHT
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Updated Apr 30, 2022 11:33 AM PHT
Motorists queue for fuel at a gas station in Quezon City on April 19, 2022, after another oil price hike. The price hike resumes after two weeks of rollback as the price of crude oil remains volatile in the world market. Mark Demayo, ABS-CBN News
Gas prices are projected to drop slightly next week, as the strict lockdowns in China and low demand for oil continued.
Good news mga motorista!! May ROLLBACK sa petrolyo next week pero di kasinlaki ng itinaas noong Martes.
Based on estimates, gasoline prices will go down by P0.60 to P0.80 per liter, diesel by P1.10 to P1.30, and kerosene P1 to P1.15.
Industry insiders previously said the lower gas prices could be attributed to the decrease in demand for oil products due to the massive coronavirus lockdowns in China, a major consumer of oil products.
Other countries also started using their strategic oil reserves, while Libya resumed oil production, according to the energy department.
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But the net prices of gasoline still remain high, with prices in Metro Manila at P80 per liter. – Report from Alvin Elchico, ABS-CBN News
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