Another oil price rollback looms

July 27, 2022 0 Comments

Consumers can still heave a sigh of relief this week as the lower trading prices and easing regional demand led to the sustained rollback on the prices of fuel sold at the pump.,In separate advisories, oil companies confirmed on Monday that diesel prices will be slashed by P1.85 per liter, gasoline by P0.40 liter, and kerosene by P1.30 per liter. The price adjustment is effective tomorrow, 26 July.,Oil Industry Management Bureau director Rino Abad said the interest rate hike announcement of the European Central Bank along with the dampening of trading prices led to the slight rollback.,He said the industry leaders are also anticipating that the upcoming announcement of an interest hike in the United States will be favorable so that the rollback will continue.,Last week, oil companies slashed gasoline prices by P5 per liter and diesel by P2 per liter.,Data from the Department of Energy showed that as of 19 July, the commutative increase in diesel stood at P34.80 per liter and gasoline at P19.30 per liter.,Oil companies announce price adjustments every Monday to be implemented on the following day’s morning. They adjust their prices weekly based on the movement of the Mean of Platts Singapore — the regional pricing benchmark adopted by the deregulated downstream oil sector.