After increasing consecutively for ten straight weeks, it is just time for the much anticipated rollback. Seaoil Philippines is the first to announce a huge rollback on its fuel prices.
Starting tomorrow morning, Seaoil is implementing a rollback of Php 5.40 on gasoline, Php 11.45 on diesel, and Php 8.55 on kerosene.
Last week, the Department of Enegery (DOE) has already announced this expected rollback on fuel prices due to several global events.
“The price of crude oil is actually very volatile, but it kept on increasing because of the sustained pronouncement from UK, US, European Union (on) sanctions against Russia,” Oil Industry Management Bureau (OIMB) Director Rino Abad said. “(This was) coupled with recent surges of COVID-19 in Singapore, but notable in China which imposed a massive lockdown. Those are the two main (drivers) this week in the recent report that immediately provided us reasons why the crude oil prices immediately went down from a day’s transaction, last week versus yesterday morning.”
Having said all these, we can expect other fuel companies to follow as well. They should announce anytime today as the rollback will take effect tomorrow morning, March 22 at 6:00 AM.
Meanwhile, if you are curious what is causing the hike on fuel prices lately, you may check this article.
