Fuel firms announced a rollback of oil prices set for Tuesday, April 5, 2022, becoming the second time this year that rates will go down.

Consumers should expect lower fuel prices this week as hopes rise for a resolution to the war sparked by Russia’s invasion of Ukraine and other developments influencing the global oil market, wherein the Philippines obtains the majority of its supply.

Two oil companies declared price reductions on various fuel products.  Seaoil Philippines reported a P2.30 per liter drop in gas, P1.85 per liter in diesel, and P1.65 per liter in kerosene, effective on Tuesday. 

Caltex, Flying V, Petron, and Seaoil announced that the price of kerosene would be reduced by P1.65 per liter.

The expected rollback comes after a significant increase in fuel prices last week. The United States’ decision to release oil from its reserves was one of the factors that contributed to the drop, according to the Department of Energy.

Other oil firms have yet to issue advisories, although they are anticipated to make similar changes.

The Philippine government said earlier this year that it will double its fuel subsidies to P6.1 billion for vulnerable sectors such as transportation and agriculture, in order to help them mitigate the impact of the effects of rising oil prices. – WhatALife!

Source: (rappler.com)

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