A Department of Energy (DOE) official sees hope of a possible price cut on petroleum products next week.
In an interview with Dobol B TV on Thursday, Rino Abad, director of the DOE’s Oil Industry Management Bureau, said that the price of crude oil in the world market has dropped over the past three days.
“Bumababa po ang price. I hope na matuloy ngayong araw hanggang bukas ang pagbaba o ma-maintain ang pagbaba para po masigurado natin na may rollback next week,” said ni Abad.
(The price is going down. I hope the decline continues today until tomorrow so that we can ensure a rollback next week.)
“Hindi muna ako magsasabi ng figure pero malaki ang indikasyon na talagang may rollback as far as three trading days are concerned,” he added.
(I won’t say the figure first, but there is a significant indication that there is a rollback as far as three trading days are concerned.)
According to Abad, the ongoing negotiations between Russia and Ukraine impact lowering the price of crude oil in the world market.
But the official also fears that the price rollback of crude oil in the world market may be delayed due to reports that there are problems in such negotiations between the two countries.
Oil price rollback possible next week — DOE
Among the agreements reached in the ongoing talks in Istanbul was Russia’s alleged reduction of its force in Ukraine.
However, there are reports that Russia is not retreating and that its troops are possibly just attacking.
This week, there was another increase in the price of petroleum products in the Philippines after a week’s respite from a series of oil price hikes.
This year, based on DOE data, the price of gasoline has been raised or increased by P18.30 per liter, diesel by P27.85 per liter, and kerosene by P25.75 per liter until March 29.
Liquefied petroleum gas (LPG) prices are expected to rise on April 1, 2022, due to changes in the international market.
Petron Corp. said in an advisory that it would raise LPG prices by P3.25 per kilogram, or P35.75 for a typical 11-kilo cylinder, and AutoLPG rates by P1.81 per liter.
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