Motorists line up to buy fuel at a gas station in Mandaluyong City on March 22, 2022. Oil firms implemented price rollbacks today after price hikes the last 11 weeks. George Calvelo, ABS-CBN News
MANILA – Gas prices are projected to drop by as much as P5 in another rollback set for next week.
Gasoline prices could fall by P5 to P5.50 per liter, diesel by P1.70 to P2.20, and kerosene P0.20 to P0.70.
The Department of Energy earlier factored in the dwindling economy and lockdowns in parts of the world behind the projected price rollback.
Some analysts believe that the trend may continue in the next few weeks.
But oil expert Ramon Villavicencio projects that a price hike could be imminent.
"I feel naman that the week after the next there may be an increase. [Kapag] rollback nang rollback, the demand would increase but the problem is that there will be a demand and a scarcity of supply," Villavicencio said.
With the string of rollbacks, diesel prices are back to P70 per liter, while gasoline prices range from P80 to P90. — Report from Alvin Elchico, ABS-CBN News