According to the head of the Independent Philippine Petroleum Companies Association (IPPCA) on Wednesday, a rollback on petroleum product prices is likely next week.
IPPCA chairman emeritus Dr. Fernando Martinez told Dobol B TV that the rollback is expected to be from P2 to P3 per liter as of Wednesday. However, this estimate, he noted, may change by Friday.
“More or less mga P3 [per liter] sa ngayon ha, pero hindi mo masasabi kasi hanggang Friday pa ‘yan eh. Basta maganda pababa, mga P2 to P3 as of today,” Martinez said.
Meanwhile, the movement in liquefied petroleum gas (LPG) prices will be known by the end of the month.
On Tuesday, oil companies enacted a massive price hike, marking the 11th week of increases, with domestic pump prices now reaching P84.55 per liter in some parts of the country.
According to the Department of Energy (DOE), the ongoing confrontation between Russia and Ukraine has impacted worldwide pricing.
The Philippines does not import directly from Russia; instead, it obtains its supplies from other nations, which in turn get their supplies from Russia.
Oil price rollback possible next week – petroleum group
Meanwhile, the state-owned Philippine National Oil Company (PNOC) plans to begin selling fuel at a discount to specified recipients next month.
During a Senate hearing on Monday, newly minted PNOC president Jesus Cristino Posadas claimed that transportation subsidies would be pooled to buy fuel from oil industry players, which would then be delivered at a discounted price to drivers of public utility vehicles by participating gas stations (PUV).
According to Posadas, PNOC will focus on purchasing diesel because it continues to see more price increases than other petroleum products and is the most commonly used fuel by drivers because it is historically cheaper.
P5 billion has been set aside by the government as a gasoline subsidy for PUV drivers.
In terms of extra finance, Finance Secretary Carlos Dominguez III was quoted by Posadas as adding that PNOC may get it from the Land Bank of the Philippines or the Development Bank of the Philippines.
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