Rappler
Big-time rollback in fuel prices could happen on March 22, says Cusi
Energy Secretary Alfonso Cusi anticipates a significant oil price rollback next Tuesday, March 22, potentially decreasing gasoline prices by over P5 and diesel prices by P12 or more.
This expected rollback is due to a dip in Dubai crude oil prices, averaging $104.79 per barrel over the past two trading days, a decrease from last week's average of $122.61 per barrel.
The decline in global oil prices is largely attributed to reduced demand in China following the reimposition of lockdowns due to a COVID-19 surge.
Ongoing peace talks between Ukraine and Russia, a major oil producer, have also contributed to tempering oil prices.
This news follows an 11th consecutive week of oil price increases, with some areas seeing prices reach P84.55 per liter as of Tuesday.
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See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
Philippine oil firms implemented a rollback in pump prices of petroleum products starting Tuesday, March 22, 2022, ending 11 consecutive weeks of price hikes.
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Motorists can expect a significant rollback in fuel prices next week, with projected decreases of P11 to P11.70 per liter for diesel, P6 to P6.20 per liter for gasoline, and P8.70 to P8.80 per liter for kerosene.
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Motorists will see a rollback in fuel prices starting Tuesday, March 22, with diesel prices cut by P11.45 per liter and gasoline by P5.45 per liter.
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Fuel prices are expected to decrease next week, with diesel possibly dropping by P12 per liter and gasoline by P6 per liter.
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Fuel company Petro Gazz announced a price rollback on its diesel and gasoline products effective March 10 to 13 to cushion the impact of expected price hikes next week.
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