Oil firms seen to impose rollback next week

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Metro Manila (CNN Philippines, July 2) — Prices of fuel products are expected to decline next week after weeks of price hikes, the Unioil Petroleum Philippines said.

According to the forecast, per-liter price of diesel should go down by ₱2.80- ₱2.90 while gasoline should have no price change to a rollback of ₱0.10 per liter.

Oil firms earlier raised the per-liter prices of gasoline by ₱0.50 and diesel by ₱1.65.

As of June 28, per-liter prices have gone up by ₱30 for gasoline, ₱45.90 for diesel, and ₱39.75 for kerosene since the start of 2022, according to the Department of Energy’s latest monitor.

The Land Transportation Franchising and Regulatory Board earlier approved the provisional jeepney fare increase across the country, raising the minimum fare to ₱11, amid the soaring fuel prices.