OIL companies are expected to impose a rollback on the prices of fuel products from May 17 to 23, said City Council’s committee on Trade and Commerce chair Councilor George Goking, Monday.
“Motorists can expect price rollback on diesel products starting tomorrow, (Tuesday),” said Goking.
Oil firms Caltex, Cleanfuel, Petro Gazz, Seaoil, and Shell, he said earlier announced that they will slash diesel prices by P3.10 per liter.
“The rollback for this week is lower than the P4.20-per-liter increase on diesel and gasoline prices by oil firms last Tuesday last week,” said Goking.
Goking, who is the regular member of the city's price coordinating council usually monitoring of prices and supply of agricultural commodities throughout the food supply chain, from the farm and fishing ground to various markets in the city.
According to the forecast, Goking said that the price of diesel should go down by P2.90 to P3.00 and gasoline price by P0.40 to P0.60.
Caltex, Seaoil, and Shell will also slash kerosene prices by P2.10 per liter.
The oil price adjustments will take effect at 12:01 a.m. Tuesday, according to Goking.
Since the start of the year, diesel prices had a net increase of P33.40 per liter; gasoline, with a net increment of P21.25 per liter; and kerosene, with a net hike of P28.80 per liter.
Oil prices have been volatile in the past weeks, with increases mainly driven by the ongoing war between Russia and Ukraine, while pandemic-related restrictions have been trying to slow down crude oil prices. (Ben Balce)
