Rollback was in reaction to decrease in oil prices in world market last week
(Eagle News) – Philippine oil companies are set to implement a price rollback of P11.45 price for diesel and P5.45 per liter for gasoline on Tuesday, March 22, in the first ever fuel price reduction this year after 11 straight weeks of price hikes.
Kerosene prices will also be reduced by P8.55 per liter.
Oil companies already issued their advisories on their social media pages on the rollback which will take effect on Tuesday, March 22.
Energy Undersecretary Gerardo Arquiza said that the price movement was based on the daily trading last week of oil. Last week, the trading for five days went down causing a decrease in the world crude prices.
“It is based on the law of supply and demand,” citing that the lockdowns in China due to the high Covid-19 cases there had affected the price of crude in the world market.
Arquiza said that the DOE has already appealed for amendments in the oil deregulation law, particularly in the unbundling of oil prices. The other amendments sought by the DOE are the “inclusion of Minimum Inventory Requirements, provision of intervention powers to the government during periods of price spikes and prolonged increases in the prices of oil products.”
(Eagle News Service)
