Fuel prices to roll back for the second straight week
Here's some welcome news for motorists planning to go on long road trips this Holy Week.
Starting tomorrow, April 12, the price of gasoline will roll back PHP 1.00 per liter, while diesel will have a PHP 0.30 price cut. Lastly, kerosene will be cheaper by PHP 3.00 per liter. With this, we could see more filling stations tomorrow with lower gasoline fuel prices than diesel.
Pilipinas Shell, Petro Gazz, and Seaoil were among the first ones to release price advisories, and their adjustments are set to take effect tomorrow by 6:00 AM. CleanFuel, on the other hand, will be implementing their rollback starting 8:01 AM.
We should expect other oil players in the country to implement their price adjustments as well. But as of now, only the four companies mentioned have made such announcements.
Oil prices have dropped for the second straight week. This is mainly due to the member nations of the International Energy Agency (IEA) that announced plans to release oil reserves in the coming months. As a result, short-term oil supply issues could become less of a concern. In addition, China still has the city of Shanghai under strict lockdown protocols. This means, there's lower demand coming from the world's biggest oil importer.
The rollback for tomorrow will be the third one in four weeks, but there's still a long way to go before we see the pre-Ukraine-Russia conflict levels of fuel prices. But hopefully, the downward trend will continue.