P2 rollback on petroleum prices forecast for next week

ABS-CBN News

Posted at Aug 06 2022 11:58 AM

A gas station attendant (right) refuels a tricycle as its driver (left) looks on, in Quezon City. Rolex Dela Pena, EPA
A gas station attendant (right) refuels a tricycle as its driver (left) looks on, in Quezon City. Rolex Dela Pena, EPA

MANILA – Oil prices are projected to drop by about P2 per liter next week, according to industry estimates Saturday.

Diesel and gasoline rates could go down by as much as P2 to P2.40 per liter; meanwhile, kerosene is set for a P2.50 to P2.75 decrease. 

Fears of a recession in major countries resulted in a drop in demand, according to experts. 

However, a Department of Energy official thinks that it's unlikely for oil prices to return to the P40 to P50-per-liter range, as supply issues persisted. 

"Medyo malabo kasi ’yung bottomline is ang sino-solve pa nga lang natin ang Russian problem, di pa natin sinu-solve ang oversupply... ’Yung replacement supply pa lang pinuproblema na natin," Energy director Rino Abad said. 

Besides oil prices, Meralco is also expected to lower charges for its August bill. 

– Report from Alvin Elchico, ABS-CBN News

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