Gasoline Prices Rollback Second Time In A Week
Pump prices are set to go down for the second week in a row, but this time private motorists will be the big winners owing to a big drop in the price of unleaded gasoline effective 6 a.m., Monday (Oct. 22).
Effective earlier today, Monday (Oct. 22), there will be a rollback for the price of unleaded gasoline. This is the second time in less than a week that gas pumps had a major price rollback, the first one was earlier this weekend, Saturday, from Phoenix Petroleum, followed by Clean Fuel in the same day. At 6:00 am on Sunday, Petro Gazz and Unioil also rolled back their gasoline prices.
The price adjustment for these four gasoline companies are the same across the board, which are as follows:
An oil executive said a big-time rollback in diesel prices will likely make more of an impact because it fuels mass transportation, while gasoline is used mainly by private vehicle owners.
This gasoline price rollback followed the downward price adjustments of ₱0.85/liter of gasoline and ₱0.65/liter of diesel implemented just last Oct. 15.
Nonetheless, any rollback in the prices of petroleum products is a welcome development, especially if it turns out to be sustainable, the executive added.
However, the oil executive added that while the latest figures on oil market futures forecast substantial softening in world crude prices next year, it remains to be seen what direction it will take before yearend, as winter season in Europe and North America creeps in.