Huge Fuel Price Rollback Expected Next Week

DOE Oil Industry Management Bureau Director Rino Abad confirmed that a fuel price rollback is expected next week.

Motorists should wait until next week before filling up their tanks if they can. This is because a rollback of Php 6.30 – 6.50 is expected for Diesel while a rollback of Php 5.50 – 5.90 is expected for Gasoline.

On July 5, oil companies cut diesel prices by Php 3 per liter and kerosene by Php 3.40 per liter. These adjustments brought net increases of P42.90 per liter for diesel, P36.35 per liter for kerosene, and P30 per liter for gasoline since the start of the year.

President Ferdinand Marcos Jr. met with key Energy officials Thursday to address the continued rise in oil prices. However, no details of the meeting were released. In addition, the President has yet to name an Energy secretary.

Recently, Senator Sherwin Gatchalian expressed reservations about suspending the excise tax on oil products to cushion the effects of skyrocketing fuel prices brought about by the Russian invasion of Ukraine. Gatchalian said the government stands to lose P160 billion in revenue if the excise tax on fuel is suspended.

Latest data from the DOE showed the price per liter for diesel range between Php 81.20 and Php 89.71 in Quezon City – Metro Manila’s largest city – while gasoline prices range from  Php 81 to Php 89.15 per liter in Manila, the Philippines’ capital.

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