Metro Manila (CNN Philippines, February 27) — A fuel price rollback will take effect on Tuesday, Feb. 28, oil companies announced.
In separate advisories on Monday, PTT, UniOil, Phoenix Petroleum, Jetti, Caltex, SeaOil, Cleanfuel, and Petro Gazz said gasoline prices would go down by ₱0.70 per liter and diesel prices by ₱1.30 per liter.
Meanwhile, Caltex and SeaOil said that kerosene prices would fall by ₱1.80 per liter.
Last week, a mixed round of price adjustments took place. Gasoline and diesel prices went up by ₱0.90 and ₱1.05 per liter, respectively, while kerosene fell by ₱0.25 per liter.
Based on the Department of Energy’s latest oil price monitor, the net year-to-date price adjustments stood at a decrease of ₱1.10 per liter for diesel and ₱0.50 per liter for kerosene. Gasoline saw a net increase of ₱6.00 per liter.
Rodela Romero, assistant director of the Oil Industry Management Bureau of the Department of Energy, said one of the reasons for the fuel price rollback is the decline of demand in the United States and China.
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“Ang kaunahang kadahilanan ay yung meeting ng US Federal Reserve na nakikita nila na itutuloy nila yung pgapapatupad ng mas mataas ng interest rate para mapaba ayung inflation rate,” Romero said during the Laging Handa briefing.
[Translation: The first reason is because during the meeting of the US Federal Reserve, they eyed to continue implementing a higher interest rate to lower the inflation rate.]
“Dahil dito, nabuhay muli yung takot sa recession. Alam naman po natin na pag recession, ang tao ay nagtitipid ng pagbili so bumababa yung demand,” she added.
[Translation: Because of this, the fear of recession was revived. We know that during the recession, people buy less so the demand decreases.]
However, she added that due to the depreciation of the peso, the drop of fuel price in the country will also be reduced.
“Tumaas din ang imbentaryo ng krudo ng United States,” Romero said. “Basically, demand related yung reason ng [fuel price] rollback.”
[Translate: The fuel inventory of the United States also increased. Basically, the reason for the fuel price rollback is demand related.]
