IF the downward movement in oil prices is sustained until today, July 8, a big rollback in local pump prices is seen on Tuesday, July 12, next week.
These were the statements made by Cagayan de Oro City Councilor George Goking, Friday projecting to provide temporary relief to the city consumers.
“Cagay-anons could take a breather in the coming week as pump prices of petroleum products are expected to go down big-time,” according to Goking.
Goking, who was among the incumbent councilors who returned and just held their inaugural session Monday, is likely to maintain his two previous committees (on Trade and Commerce and Ways and Means) in the coming 20th City Council.
He said that in an oil industry source’s online report, the price per liter of diesel may be slashed by P6.30 to P6.50 per liter.
Meanwhile, gasline prices may be reduced by P5.70 to P5.90 per liter.
In an earlier report by Department of Energy-Oil Industry Management Bureau Director Rino Abad confirmed that there will be a big-time price rollback on all fuel products next week.
On July 4, also fuel companies carried out a major price rollback for diesel and kerosene while gasoline rates remained steady.
In separate advisories, Cleanfuel, Petro Gazz, Petron, Phoenix, PTT Philippines, Seaoil, and Unioil said they slashed per-liter rates of diesel by ₱3 effective 6 a.m. on Tuesday, July 5.
Flying V, Petron, and Seaoil also announced a rollback on same date of ₱3.40 per liter for kerosene.
From June 28, to July 4, oil companies have raised per-liter prices of gasoline by ₱30, diesel by ₱45.90, and kerosene by ₱39.75 since the start of 2022, according to the Department of Energy’s latest oil monitor.
