Since the start of 2022, the prices of both gasoline and diesel fuels have been on the rise. Tomorrow is a different story, though, as major oil companies have announced significant price rollbacks on their products.
As of March 22, gasoline will get PHP 5.45 slashed off of pump prices, and diesel will get an even bigger drop at PHP 11.45 less per liter. Even kerosene will be cheaper with a rollback of PHP 8.55. Diesel fuel prices were pushed higher than that of gasoline, and tomorrow's rollback will again make it more affordable than gas products.
Among those who announced that they will roll their prices back are Caltex, Cleanfuel Petrogazz, PTT, Shell, Seaoil, and Total. They will be implementing the price changes at different times, though. Caltex will adjust at 12:01 AM, and CleanFuel at 4:01 AM. The rest will be updating their prices effective 6:00 AM.
There's been a lot of unrest in the petroleum industry as of late, but this rollback can be attributed to a lot of factors. For one, the price of Brent Crude Oil dropped below USD 100 just last week. This along with the lockdowns imposed in China (following a surge in COVID-19 infections) also resulted in a slowdown in the country's daily consumption of oil. Also, recent talks of a ceasefire and peace talks between warring countries Russia and Ukraine played a part in a little bit more stability in the global economy.
Yes, any price reductions are welcome news, but as volatile as the world's current state is, we can only hope that the rollbacks continue. With Brent Crude Oil prices going anywhere from USD 100-110 per barrel, maybe we can expect more price cuts in the coming weeks. Everyone does need some respite from all the hikes after all.