GAS PRICES ROLLBACK | Oil players say fuel price rollback expected next week

March 18, 2022 , 09:45 PM

By Clarist Zablan

(March 18, 2022) – Oil players on Friday assured the public of fuel prices rollback next week as global crude prices stabilized even as the Russia-Ukraine conflict continued for the third week.

Quezon City Congressman Bong Suntay, head of the Cleanfuel Group of Companies, had said diesel and gasoline prices could drop by P2 to P4 per liter next week, as China’s fuel purchases are declining due to heavy coronavirus disease (COVID-19) lockdowns.

“Of course, yung increase (in fuel prices) was caused by the Russian-Ukraine war,” Suntay said on CignalTV’s One New channel’s program “Agenda” as world crude prices rose to $139 per barrel early this month.

“Now, there is a downtrend doon sa fuel purchases sa China because of the imposition of heavy lockdowns restrictions brought about by spread ng COVID which is now pushing prices of fuel down.”

The retail price of petroleum products increased for the 11th straight week, with prices rising by P7.10 per liter for gasoline, P13.15 for diesel, and P10.50 for kerosene.

Brent crude, the global benchmark for oil price, fell for three consecutive days to $97.56 per barrel on Wednesday, attributed to a progress in peace talks between Russia and Ukraine, an increase in U.S. inventories, and weakened demand from China due to a COVID-19 surge.

But crude futures quickly rose back to $107.78 per barrel on Friday after the peace talks stalled.

China has imposed strict lockdowns as it faces its worst COVID-19 outbreak since the virus first emerged in Wuhan in early 2020, rattling the international supply chain.

GMA News Online also reported that the per-liter price of diesel and gasoline could drop next week by P12.51 and P6.75, respectively, quoting an oil industry source.

Energy Secretary Alfonso Cusi made similar estimates on Wednesday, saying that diesel prices could drop by as much as P12 while gasoline prices could fall by P5 as crude prices declined globally from lower demand.

Lawmakers and various sectoral groups have been demanding for a suspension of fuel excise taxes, fuel subsidy for the transportation and agricultural sector, and higher minimum wages to help poor Filipinos grapple with the rising prices of fuel and commodities.

The government has committed to rolling out fuel subsidies. But authorities are lukewarm on suspending fuel excise taxes over concerns this will cut government revenues.

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