Oil firms implement rollback after 11 weeks of price hikes

Philippine oil firms implemented a rollback in pump prices of petroleum products starting Tuesday, March 22, 2022, ending 11 consecutive weeks of price hikes.

The price reductions include P5.45 per liter for gasoline, P11.45 per liter for diesel, and P8.55 per liter for kerosene.

This rollback is the first reduction in pump prices this year, but it was not enough to offset the accumulated increases from previous weeks.

As of last week, net increases showed P20.35 per liter for gasoline, P30.65 for diesel, and P24.90 for kerosene.

Energy Secretary Alfonso G. Cusi stated the rollback is due to the drop in average Dubai crude oil prices, based on the Mean of Platts Singapore (MOPS).

Average gasoline prices fell to $120 per barrel last week from $138 the previous week, while diesel slipped to $125 per barrel from $157.

Crude oil prices fell due to concerns that lockdowns in China would lower demand and progress in Russia-Ukraine talks.